Technical Analysis for Crosses

GBP/JPY

The Pound could not hold on to its gains against the Yen as the pair dropped back below the 38.2% correctional level at 202.75 for the upside wave that started back in 17th of March, which suggests the pair could continue its downside wave to the 200.83 which represents the 50% correctional level and offers strong demand for the pair supported as well by strong downside momentum, while an upside wave could target the 205.90s level if the 202.75 resistance was successfully breached.

Support: 202.14, 201.67, 200.83, 200.36, 199.80
Resistance: 202.70, 203.35, 203.82, 204.47, 205.12

EUR/JPY

The Euro inclined against the Yen and managed to breach the 38.2% correctional level at 159.93 and acquired strong momentum from that level to progress an upside wave that might take it up to the 163 levels, yet the pair needs more momentum for such an upside wave and might drop to the 159.90s level which offers strong demand in order to gather the needed momentum to acquire the mentioned target

Support: 161.20, 160.44, 159.93, 159.45, 158.90
Resistance: 161.62, 162.02, 162.41, 162.81, 163.24

EUR/GBP

The Euro managed to incline against the Pound above the 0.79 level, yet the momentum indicators are showing the pair is being traded within an overbought area and needs a correction, the upside wave over the short term will remain valid as long as the 0.7918 remains intact which offers strong demand for the pair, while the first upside target is set at 0.7880.

Support: 0.7945, 0.7930, 0.7918, 0.7900, 0.7890
Resistance: 0.7960, 0.7975, 0.7990, 0.8000, 0.8015

Crown Forex

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