Technical Analysis for Crosses
GBP/JPY
The pair found strong support around the retest level of 125.75 and then rebounded to the upside, where the pair started the session positively despite the negativity seen on momentum indicators over daily basis. In general, we expect the intraday upside move to continue today, targeting mainly 127.30 and then 128.40, noting that a breach of 125.75 means that the pair will return inside the ascending correctional channel and could trigger a downside movement over intraday basis.
The trading range for today is among the major support at 125.00 and the major resistance at 128.40.
The short-term trend is to the downside as far as 150.00 remains intact targeting 112.00.
Support: 125.75, 125.00, 124.60, 123.85, 123.20
Resistance: 126.55, 127.00, 127.35, 128.40, 129.50
Recommendation Based on the charts and explanations above, our opinion is buying the pair around 125.75, targeting 127.30 and then 128.40 and stop loss with 4-hour closing below 124.60 might be appropriate
EUR/JPY
The pair remained stable above the resistance of the ascending correctional channel to support our intraday positive expectations, while the level of 106.00 represents a strong resistance and could block the upside move temporary supported by the negativity seen on momentum indicators. A clear breach of 106.00 is required for the pair to reach areas around 108.10, while SMA 50 supports the bullish wave from below, noting that a breach of 105.55 and stability below it could delay reaching the awaited targets.
The trading range for today is among the major support at 104.25 and the major resistance at 108.10.
The short-term trend is to the downside as far as 123.30 remains intact, targeting 94.80.
Support: 105.55, 105.00, 104.25, 103.25, 102.55
Resistance: 106.00, 106.70, 107.30, 108.10, 108.80
Recommendation Based on the chart and explanations above, our opinion is buying the pair with 4-hour closing above 106.00, and taking profit at 107.20 and then 108.10 and stop loss with 4-hour closing below 105.40 might be appropriate
EUR/GBP
The pair's movement is still limited within the ascending minor channel shown above, while the technical conflict between the negativity on momentum indicators and the positivity of SMA 50 is still seen. Therefore, our suggested scenario remains valid, where we are waiting for a breach of one of the critical level between the support at 0.8285 and the resistance at 0.8425 to confirm the pair's next move.
The trading range for today is among the major support at 0.8200 and the major resistance at 0.8480.
The short-term trend is to the upside as far as 0.8170 remains intact, targeting 1.0370.
Support: 0.8345, 0.8280, 0.8255, 0.8200, 0.8170
Resistance: 0.8425, 0.8480, 0.8550, 0.8605, 0.8635
Recommendation Based on the chart and explanations above, our opinion is buying the pair with 4-hour closing above 0.8425, targeting 0.8550 and then 0.8660 and stop loss with 4-hour closing below 0.8340 might be appropriate. Or selling the pair with 4-hour closing below 0.8285, targeting 0.8170 and then 0.8100 and stop loss with 4-hour closing above 0.8340 might be also appropriate.
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