Technical Analysis for Crosses

GBP/JPY

According to momentum indicators, the GBP/JPY is losing the bullish momentum it has acquired yesterday to gradually decline now facing a support at 209.18 then at 208.94. The pair might undergo correctional movements before we see a reversal as it has now entered an oversold area on the hourly charts. A good demand point offered for the pair is at 208.67.

Support: 208.67, 208.33, 207.87, 207.48, 207.13
Resistance: 209.49, 210.07, 210.63, 211.26, 211.82

EUR/JPY

The Pair is trading sideways with no specific trend testing the minor support at 166.02 where if breached could possibly drag the pair down to the next target at 165.85. Yet we still see the pair overbought on a daily basis as the technical indicators show which might provide the pair with enough bearish momentum to possibly extend the wave to reach the previously stated target. 165.69 offers strong support and is considered a reasonable entry point.

Support: 165.80, 165.69, 165.17, 164.65, 164.24
Resistance: 166.15, 166.48, 166.76, 167.11, 167.61

EUR/GBP

After being traded within an overbought area, the Euro managed to fall back against the Pound to reach the critical support level at 0.7890 before reversing back to the upside. If the pair gathers enough momentum to successfully break out the resistance level at 0.7944, the next target for the pair will possibly 0.7961 and 0.7978 respectively. The point at 0.7918 offers strong demand for the pair.

Support: 0.7918, 0.7904, 0.7891, 0.7870, 0.7852
Resistance: 0.7962, 0.7975, 0.7990, 0.8004, 0.8017

Crown Forex

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