EUR/JPY

EUR/JPY resumes the bullish movement following the rise of USD/JPY after the job data release. It seems there is more upward room for EUR/JPY to move and traders will wait for bearish reactions. However, when the pair form a new higher swing high then it is better to stay sideline. We still think the pair will resume the bearish trend in the long-term but a change in structure could change the medium-term outlook.

Today’s critical levels to watch:

Support: 155.00, 154.00

Resistance: 160.00, 163.00, 165.00

EUR/GBP

EUR/GBP closed near the 0.8400 resistance level which means no breakout and close above the level yet. Today, the pair is trading slightly lower which might confirm consolidation between 0.8325 – 0.8400. Traders will monitor the pair movement inside the area for now. When the pair breaks and closes outside of the area, it is the confirmation of where the pair will move next.

Today’s critical levels to watch:

Support: 0.8325

Resistance: 0.8400, 0.8500, 0.8530, 0.8580, 0.8600

GBP/JPY

GBP/JPY situation is similar to the EUR/JPY where it experienced gain today. The upward movement was mostly triggered by the strength of the U.S. dollar which pushed Yen down. At the current time, there is no change to the outlook of GBP/JPY. Traders will wait for further reactions near the Fibonacci Retracement levels. When there are major bearish reactions, traders could enter short positions.

Today’s Critical level to watch:

Support: 190.00, 180.00, 178.70

Resistance: 193.50

GBP/CHF

GBP/CHF bounced from the 1.1200 – 1.1225 area and erased most of the losses incurred yesterday. The pair might have formed a new higher swing low which indicates the continuation of bullish movement. On the upside, if the pair continues the bullish movement and prints a new higher swing high then the bullish trend might continue. A breakout and close above the Fibonacci Retracement levels or the green box area will further confirm the bullish reversal.

Today’s critical levels to watch:

Support: 1.1225, 1.1200, 1.1000, 1.0800, 1.0500

Resistance: 1.1360, 1.1400