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EURGBP and USDJPY Test Key Levels

EURGBP has retraced 1.3% since 3rd November as Sterling strengthened. The current trend for EURGBP remains bearish, yet It is trading above the 50 SMA, where the support line at 0.8760 converges. The bearish momentum is likely to be held at this level.

The downturn will likely test this level, if it is confirmed broken, the next support level is at 0.8700, which is the short term major support line at 0.8700, where is providing a stronger support.

The 4 hourly and daily Stochastic Oscillators are both below 30, suggesting a rebound.

The resistance level is at 0.8850, followed by 0.8900 and 0.8940.
The support line is at 0.8760, followed by 0.8700 and 0.8620.


USDJPY has been extremely volatile since yesterday, rebounding from a 5-week low of 101.18, to a 6-week high of 106.00 today, caused by the turmoil of the US presidential election.
The trend remains upward, and the bullish momentum is still strong.

Nevertheless, the current price is trading below the mid-term major resistance zone between 106.50 – 107.00, the selling pressure is heavier at this level, be aware of a retracement.

The 4 hourly and daily Stochastic Oscillators are both around 90, suggesting a retracement.

The resistance level is at 106.50, followed by 107.00.
The support line is at 106.00, followed by 105.50 and 105.20.


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