Technical Analysis for Crosses

EUR/JPY

The pair is being pressured to the downside as the ADX indicator is still showing bearish signals after the EUR/JPY pair successfully breached the 61.8% Fibonacci correction where it has now opened the way for a full correction with slight minor supports on the way. The heavy unwinding seen in the markets yesterday that has extended overnight dragged the pair further into an oversold area on the daily and weekly charts where we could see an upside correction during this bearish wave to retest the mentioned level at 158.51.

Support: 157.04, 156.82, 156.45, 156.16, 155.94
Resistance: 158.00, 158.37, 158.67, 159.04, 159.33

GBP/JPY

The weakness of the pound alongside the unwinding of carry trades took the pair yesterday to the 100% Fibonacci correction for the upside channel that started on March 17, 2008 and ended on July 23, 2008 but failed to breach it. We see an Elliot Wave has been formed on the weekly charts with the fifth wave attempting to breach the mentioned level yet with the pair being heavily oversold; this might give it a chance to slightly incline before reversing back to the downside since the trend remains bearish. The 193.20s level offers a good demand point for the pair.

Support: 193.23, 192.57, 192.08, 191.93, 190.12
Resistance: 194.08, 194.66, 195.16, 195.61, 195.97

EUR/GBP

The EUR/GBP pair continues to incline yet high volatility could be witnessed in the markets today as momentum indicators show adjustments on an intraday basis yet point to the pair being overbought on the daily and weekly charts. The pair failed to maintain enough momentum to reach higher levels after hitting a record high at 0.8162 during yesterday's session, but the weakness of the pound is helping support the bullish movement. 0.8120 offers a good buying point for the pair.

Support: 0.8120, 0.8110, 0.8094, 0.8084, 0.8071
Resistance: 0.8146, 0.8160, 0.8179, 0.8189, 0.8206

Crown Forex

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