Forex Technical Cross Pairs Analysis | May 20, 2022

EUR/JPY

EUR/JPY sticks near the 135.00 level after a few movements with strong momentum. The pair might continue trading sideways near the level for now while waiting for further reaction. If the pair continue the bearish correction then it will target the 131.50 – 132.00 area. On the other hand, if the pair continues upward and surpass 137.40 then there is a chance of continuation toward 140.50.

Today’s critical levels to watch:

Support: 135.00, 134.50, 132.00, 131.50

Resistance: 137.40, 140.50

EUR/GBP

EUR/GBP bounced from 0.84000 and traded upward to close near 0.8500. The pair currently trading sideway near the 0.8500 level and waiting for further reaction. If the pair could continue upward and close above 0.8500 then the bullish trend could continue toward the 0.8580 – 0.8600 area.

Today’s critical levels to watch:

Support: 0.8400

Resistance: 0.8500, 0.8580, 0.8600

GBP/JPY

GBP/JPY undergo bearish pressure again toward the 156.58 – 158.15 area. Fortunately, the pair could maintain the position above the level and closed the day on the positive side. There is not much movement yet today which means the market is indecisive on the next direction. If the pair continues lower and close below 158.15 then we might see a deeper pullback toward 153.50.

Today Critical level to watch:

Support: 158.15, 156.58

Resistance: 160.00, 165.00, 170.00

GBP/CHF

GBP/CHF pushed below 1.2125 and formed a new lower low. However, there is no bearish follow-through below the level. The pair return above 1.2125 today and might close the day near it. No clue yet on the next direction, the pair could either consolidate between 1.2125 – 1.2300 or resume the bearish movement toward 1.2000.

Today’s critical levels to watch:

Support: 1.2125, 1.2000

Resistance: 1.2300, 1.2416, 1.2500

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