Forex Technical Cross Pairs Analysis | May 13, 2022

EUR/JPY

EUR/JPY made a major bearish close yesterday with strong momentum. The pair is set to start a bearish correction and there is no clue yet on where the pair will stop moving lower. Despite the situation, the pair does not follow through with the bearish movement and start moving upward today.

On the downside, 131.50 – 132.00 might become the major support area to watch.

Today’s critical levels to watch:

Support: 132.00, 131.50

Resistance: 134.50, 135.00

EUR/GBP

EUR/GBP formed a bearish engulfing pattern after the test in the 0.8580 – 0.8600 area. The pair might be set to move lower to test support levels. However, there is no breakout below the bearish engulfing pattern low yet. If the pair continues supported by the 0.8500 support level and bounce from it then we might get a bullish continuation instead.

Today’s critical levels to watch:

Support: 0.8500, 0.8400

Resistance: 0.8580, 0.8600

GBP/JPY

GBP/JPY pushed lower with strong bearish momentum yesterday. The pair traded below the 156.58 support level but at the end of the day manage to recover near it. At the current time, we could see a bounce from the 156.58 support level. If the pair could maintain the bullish pressure and erase all of yesterday’s loss then we might see a new bullish leg in the coming week.

Today Critical level to watch:

Support: 156.58

Resistance: 158.15, 160.00, 165.00, 170.00

GBP/CHF

GBP/CHF stays inside the 1.2125 – 1.2300 area as the pair bounce from the bottom of the range. We might see a test on the 1.2300 resistance level soon. However, without any breakout from the range, traders will continue to apply ranging strategies for now.

Today’s critical levels to watch:

Support: 1.2125, 1.2000

Resistance: 1.2300, 1.2416, 1.2500

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