Technical Analysis for Crosses

EUR/JPY

Once again, the 100% correction for the medium term ascending channel which is also the 200 day moving average on the weekly chart limited further downside movements yesterday after the pair recovered the gap seen in the markets. Trading for today might witness slight upside movements to target the 23.6% Fibonacci level for the long term ascending channel that started in June 2001 and ended in July 2008 at 153.32. The EUR/JPY pair lacks enough bullish momentum to breach the mentioned level so far.

Support: 150.79, 150.40, 150.13, 149.89, 149.48
Resistance: 151.73, 152.17, 152.47, 152.76, 153.06

GBP/JPY

After declining to recover the gap in the markets seen in all crosses, the 61.8% Fibonacci correction at 187.58 for the upside wave that started on 10-9-2000 and ended on 8-7-2007 was able to halt any further downside movements for the pair. Direction indicators support the upside movement for the pair yet as we see momentum has declined and therefore the pair might not be inclining with heavy volume. 187.78 offers a good demand point

Support: 188.11, 187.78, 187.29, 186.87, 186.38
Resistance: 189.02, 189.60, 190.01, 190.67, 191.25

EUR/GBP

The EUR/GBP pair was able to close below the 38.2% correction for the medium upside channel that started on August 11, 2008 to return and trade within the sideways trend it was trapped in from March – August of 2008 between the 0.7762 support level and the 0.8095 resistance level. The pair seems to be supported to the upside as direction indicators have adjusted and the stochastic indicator shows the pair being oversold on the daily and four hour charts. A good demand point for the pair at 0.8016

Support: 0.8016, 0.8004, 0.7989, 0.7978, 0.7962
Resistance: 0.8036, 0.8052, 0.8066, 0.8086, 0.8095

Crown Forex

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