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Fx Analysis

Chart Art: Support and Resistance Levels for GBP/USD and EUR/JPY

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Yo! Ready to make pips rain before the week ends?

Today we’re revisiting a couple of setups that we looked at a few days back.

Did you know that GBP/USD and EUR/JPY are hitting key support and resistance levels?

GBP/USD 1-hour Forex Chart
GBP/USD 1-hour Forex Chart

Just over a week ago, we talked about a possible uptrend situation on Cable’s 1-hour time frame.

But the bulls and bears didn’t wanna play man! After breaking below the trend line support that we were watching, it looks like GBP/USD is now locked inside a 100-pip range.

Bears have more opportunities today as GBP/USD hangs around the 1.1850 resistance. Momentum after a bounce from the resistance could mean a retest of the 1.3800 mid-range levels close to the 100 and 200 SMAs or a dip to the 1.3750 September support levels.

But wait! Don’t discount further pound gains just yet! Market bulls can still get some pips in if GBP/USD firmly trades above 1.1850 and heads for the 1.3940 – 1.3980 resistance zone in the next trading sessions.

EUR/JPY 4-hour Forex Chart
EUR/JPY 4-hour Forex Chart

A few days back, we marked 130.00 as a potential resistance for EUR/JPY. Unfortunately for the bears, the bulls partied all the way to the 130.70 zone before taking a chill pill.

Euro bulls have another chance to get some pips in after EUR/JPY looks ready to bounce from 129.50. As you can see, the area is right smack at the 38.2% Fib retracement of August’s upswing AND the 100 and 200 SMA crossover on the 4-hour time frame.

The 130.70 previous high is a good place to start if you like buying them euros, but you can also plan for a trip to 131.00 or 131.50 previous areas of interest.

Whichever strategy you end up using to trade this setup, make sure you’re using your best risk management moves, aight?

The Blogger Scientist is a "Medical Physiologist" and a "Financial Asset" Content Creator who aims at enlightening web reader on varying Financial Assets such as Stocks, FX, Crypto, MLM,. HYIP among others.

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