Technical Analysis for Crosses

EUR/JPY

As the EUR/JPY pair confirmed the close below the 100% correction for the medium term upside wave that lasted from 20-3-2008 till 23-7-2008, this added more downside pressures on the pair taking the next target to around the 145.30. We might witness an upside correction as the Stochastic and RSI indicators show the pair being heavily oversold yet the overall trend for the pair remains to the downside.

Support: 149.32, 149.03, 148.75, 148.34, 147.93
Resistance: 150.13, 150.46, 150.79, 151.30, 151.62

GBP/JPY

Another failed attempt by the pair to breach the 61.8% Fibonacci correction at 187.78 for the upside wave that started on 10-9-2000 and ended on 8-7-2007 was seen yesterday as now trading remains of low volume and bearish momentum. Momentum indicators show the need for an upside correction which supported by direction indicators as well yet since trading is of low volume, upside movement will be weak perhaps taking the pair to the 189 levels before reversing back to the downside.

Support: 187.78, 187.29, 186.87, 186.14, 185.56
Resistance: 188.55, 188.94, 189.52, 190.01, 190.67

EUR/GBP

The EUR/GBP pair extended its losses during yesterday's session as it was able to close below the 50.0% correction for the medium term ascending channel at 0.7989. A confirmation of this breach will open the way for the pair to reach the 61.8% correction at 0.7945 which offers a good demand point for the pair as it is a strong support where the 50 and 100 day moving averages are found near that level on the daily charts. The pair continued to neglect the fact that it is oversold as it couldn't maintain any bullish momentum, yet any upside correction will be weak taking us back to 0.7989

Support: 0.7962, 0.7945, 0.7935, 0.7922, 0.7910
Resistance: 0.7978, 0.7989, 0.8004, 0.8016, 0.8025

Crown Forex

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