Technical Analysis for Crosses

EUR/JPY

Direction indicators have adjusted to pressure the pair to the upside as the ADX indicator on all timeframes supports the bullish movements. An upside correction is expected to be seen as the pair will attempt to retest the 61.8% correction to the ascending channel that started on March 20, 2008 and ended on July 23, 2008. The stochastic alongside the RSI show the pair being oversold on the daily basis with the need to adjust the momentum for the pair. Buy above 156.82.

Support: 156.82, 156.45, 156.16, 155.94, 155.64
Resistance: 157.63, 158.00, 158.37, 158.67, 159.04

GBP/JPY

Another attempt to breach the 100% Fibonacci correction for the upside channel that started on March 17, 2008 and ended on July 23, 2008 has failed. Direction indicators have adjusted to the upside and as the pair remains traded in the oversold area, slight upside corrections could be witnessed yet we see the 194.00 level has already limited further gains. The 192.57 level offers a good buying point for the pair.

Support: 192.57, 192.08, 191.93, 191.35, 190.12
Resistance: 193.23, 193.65, 194.08, 194.66, 195.16

EUR/GBP

The weakness of the British Pound continues to help the EUR/GBP pair maintain high levels neglecting momentum indicators that show the pair being heavily overbought. Direction indicators on the other hand show a neutral direction yet any correction seen in the markets to the downside to adjust the momentum will be weak failing to pass the 0.8095 level. 0.8135 offers a good buying point for the pair.

Support: 0.8135, 0.8120, 0.8110, 0.8094, 0.8084
Resistance: 0.8160, 0.8179, 0.8189, 0.8206, 0.8219

Crown Forex

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