10th February 2022 Technical Analysis

GBPJPY

GBPJPY rose on Wednesday, and the technical bias is bullish due to higher highs in the recent uptrend

The pair is currently trading near 156.356，and multiple resistance levels can be seen above which may prevent the price from rising further.

Resistance level 1: 156.550

Resistance level 2: 156.720

Resistance level 3:156.900

Below the price, multiple support levels can be seen which may prevent the price from falling.

Support level 1: 156.270

Support level 2: 156.150

Support level 3: 156.000

Next Tuesday (February 15), Japan will release GDP growth data for the fourth quarter of 2021. Higher data indicates favorable to the yen, so it is negative for the GBPJPY currency pair, and vice versa.

Looking at the current price trend and economic development, it may be a good trading choice to buy the GBPJPY currency pair near the current level.

EURUSD

EURUSD rose on Wednesday, with a bullish technical bias as they made higher highs in a recent horizontal swing.

The pair is currently trading near 1.14158，and multiple resistance levels can be seen above which may prevent the price from rising further.

Resistance level 1: 1.14240

Resistance level 2: 1.14350

Resistance level 3:1.14450

Below the price, multiple support levels can be seen which may prevent the price from falling.

Support level 1: 1.14100

Support level 2: 1.14000

Support level 3: 1.13850

Today (February 10) the United States will announce the inflation data for January. Higher data indicates favorable to the US dollar, so it is negative for the EURUSD currency pairs, and vice versa.

Looking at the current price trend and economic development, it may be a good trading choice to buy the EURUSD currency pair near the current level.