Forex Technical Cross Pairs Analysis | May 23, 2022

EUR/JPY

EUR/JPY trading upward today but no new higher high printed yet on the chart. The pair will need to climb and close above 137.40 to continue the bullish trend. On the other hand, a further bearish correction will happen if the pair falls below 133.50. On the lower side, 131.50 – 132.00 is the area to watch for long positions.

Today’s critical levels to watch:

Support: 135.00, 134.50, 132.00, 131.50

Resistance: 137.40, 140.50

EUR/GBP

EUR/GBP stick near the 0.8500 resistance level with no breakout yet. The pair need to breakout and continue its bullish movement above 0.8580 – 0.8600 to confirm the continuation of the bullish trend. If the pair continues moving lower and closes below 0.8400 then there is a chance of a bearish reversal.

Today’s critical levels to watch:

Support: 0.8400

Resistance: 0.8500, 0.8580, 0.8600

GBP/JPY

GBP/JPY starts to move upward again after the retest on the 158.15 support level. However, the upward movement has no strong momentum and has not cleared the previous major bearish candlestick. The pair need to climb and close above the bearish candlestick high to confirm bullish continuation.

Today Critical level to watch:

Support: 158.15, 156.58

Resistance: 160.00, 165.00, 170.00

GBP/CHF

GBP/CHF is under bearish pressure but the pair managed to maintain the level near the 1.2125 support level. There was a breakout below the level but no major bearish continuation. We might see the pair continue trading inside the 1.2125 – 1.2300 range for now. Traders will continue waiting for a breakout from the range to confirm the next direction.

Today’s critical levels to watch:

Support: 1.2125, 1.2000

Resistance: 1.2300, 1.2416, 1.2500

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