Technical Analysis for Crosses

EUR/JPY

Little change is seen in the levels the pair is being traded at as it remains within a sideways pattern. On an intraday basis, direction and momentum indicators show a neutral trend yet on the daily and weekly charts we see the pair is still being heavily oversold with contradiction from the ADX that has signaled for upside movements for the pair on the daily while downside movements on the weekly charts. The EUR/JPY pair neglected and direction as the neutral direction dominates the movements. A good buying point is at 156.45.

Support: 156.45, 156.16, 155.94, 155.64, 155.44
Resistance: 157.27, 157.63, 158.00, 158.37, 158.67

GBP/JPY

The GBP/JPY pair is still finding difficulties to breach the 100% correction at 192.45 for the upside wave that started on March 16, 2008 and ended on July 23, 2008. The pair need to close below the mentioned level to confirm a successful breakout where the next medium term target will be at 183.60 - 183.70. Momentum indicators still show the pair being in an oversold area on the daily and weekly charts. 192.08 offers good demand for the pair.

Support: 192.08, 191.91, 191.32, 190.44, 190.12
Resistance: 193.23, 193.65, 194.08, 194.66, 195.16

EUR/GBP

The EUR/GBP pair continues to look for more bullish momentum to soar higher yet as seen on the stochastic indicator; the pair is being heavily overbought on the daily and weekly charts placing further downside pressures on the pair. Yet as we have seen lately, the pair continues to neglect it as we have yet to see any downside correction but any correction to the downside will be weak to reach perhaps the 0.8130s level before rebounding as the direction indicators support the bullish movements. 0.8140 offers a good buying point for the pair.

Support: 0.8140, 0.8123, 0.8110, 0.8095, 0.8084
Resistance: 0.8160, 0.8179, 0.8189, 0.8206, 0.8219

Crown Forex

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