Technical Analysis for Crosses

EUR/JPY

The Euro extended losses further against the Yen as it recorded a 13 month low after breaking the short term trend to the upside. The downside correction is currently testing the 100% Fibonacci correction at 151.60 which is also the 200 day moving average on the weekly charts as it failed to close below it yesterday. The pair is currently being oversold as we see on the stochastic and RSI indicators and continues to be pressured to the downside.

Support: 151.60, 151.16, 150.79, 150.40, 150.13
Resistance: 152.73, 153.06, 153.34, 153.57, 154.00

GBP/JPY

The pair continued to plunge as unwinding dominates the markets causing the pair to break the long term upside trend that started on 10-9-2000 and ended on 20-7-2008 as it also was able to breach the 61.8% correction level. We need to see a confirmation of this breach by another successful close under the mentioned level to take the pair to our next downside target at 183.70s. The downside direction prevails according to the ADX indicators despite the pair being heavily oversold on momentum indicators.

Support: 187.51, 187.04, 186.49, 185.93, 185.56
Resistance: 188.25, 188.62, 189.18, 189.73, 190.12

EUR/GBP

The EUR/GBP pair attempted to breach the strong support at 0.8095 yet failed as it didn't have enough bearish momentum causing a significant rebound to the upside. Momentum indicators have adjusted to escape the overbought area on all time frames with the exception of the weekly charts. The overall direction remains to the upside with targets still near the 0.8200 levels. 0.8110 offers a good buying point for the pair.

Support: 0.8123, 0.81100, 0.8110, 0.8084, 0.8070
Resistance: 0.8140, 0.8160, 0.8179, 0.8189, 0.8206

Crown Forex

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