GBPJPY & EURJPY Enter Overbought Zone - Key Levels to Focus On - Forex News by FX Leaders

GBPJPY & EURJPY Enter Overbought Zone – Key Levels to Focus On

Posted Wednesday, January 31, 2018 by
Arslan Butt • 1 min read

Good morning, traders!

The Japanese cross, EUR/JPY, and GBP/JPY have all entered the overbought zone. It’s looking like a good opportunity to short the pairs for a quick 40 – 60 pips. In a short while, we have inflation figures from the Eurozone.

Fundamentals are expected to be negative, meaning that we need to make Euro weaker. Later today, investors’ focus will move to the dollar, presenting us with a good opportunity to trade the crosses on technical levels. Let’s check out support and resistance levels for this week.

EURJPY – Major Trading Levels

Support     Resistance

134.29    136.04

133.55    137.05

132.54    137.79

Key Trading Level:    135.3

GBPJPY – Major Trading Levels

Support     Resistance

152.96    155.64

151.86    157.22

150.28    158.32

Key Trading Level:    154.54

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About the author

Arslan Butt // Index & Commodity Analyst
Arslan Butt is our Lead Commodities and Indices Analyst. Arslan is a professional market analyst and day trader. He holds an MBA in Behavioral Finance and is working towards his Ph.D. Before joining FX Leaders Arslan served as a senior analyst in a major brokerage firm. Arslan is also an experienced instructor and public speaker.
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