GBPJPY & EURJPY Enter Overbought Zone – Key Levels to Focus On
The Japanese cross, EUR/JPY, and GBP/JPY have all entered the overbought zone....
Arslan Butt•Wednesday, January 31, 2018•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
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Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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