Technical Analysis for Crosses

EUR/JPY

Trading remains below the 23.6% correction for the long term ascending channel that started on 27-5-2001 and ended on 15-7-2007 yet with the direction indicators supporting the pair to the upside, we could witness a breach of the mentioned level as momentum indicators have also adjusted. If so, the pair will once again enter a consolidation area that it has been trapped in since March 2007 between the 23.6% correction and the 168.00 levels.

Support: 151.67, 151.33, 150.88, 150.55, 150.15
Resistance: 152.19, 152.58, 152.91, 153.23, 153.55

GBP/JPY

The GBP/JPY pair started the week declining after closing below the 23.6% correction for the medium term trend wave yet failed to breach the key support for the long term ascending channel at 187.70s. The ADX indicator is supporting the upside direction for the pair where we expect the pair to reach our first target at 192.25 before attempting to test the mentioned correction level at 192.90. A good demand point for the pair is at 190.01.

Support: 190.01, 189.52, 188.94, 188.46, 188.03
Resistance: 190.95, 191.49, 191.82, 192.25, 192.90

EUR/GBP

The EUR/GBP pair failed to breach the 61.8% correction for the medium term ascending channel at 0.7945 which is supported by both the 50 and 100 day moving averages causing a significant rebound as it currently is retesting the 50% correction at 0.7990. We expect trading to be of low volatility with a neutral trend unless we see a significant breakout of the mentioned levels. 0.7945 offers a good buying point for the pair.

Support: 0.7959, 0.7945, 0.7935, 0.7922, 0.7910
Resistance: 0.7989, 0.8004, 0.8016, 0.8025, 0.8036

Crown Forex

disclaimer:The above may contain information for investors/traders and is not a recommendation to buy or sell currencies, gold, silver & energies, nor an offer to buy or sell currencies, gold, silver & energies. The information provided is obtained from sources deemed reliable but is not guaranteed as to accuracy or completeness. I am not liable for any losses or damages, monetary or otherwise that result. I recommend that anyone trading currencies, gold, silver & energies should do so with caution and consult with a broker before doing so. Prior performance may not be indicative of future performance. Currencies, gold, silver &energies presented should be considered speculative with a high degree of volatility and risk.