Technical Analysis for Crosses

EUR/JPY

The Euro versus the Yen was pressured heavily to the downside due to carry trading transactions and the market gap that was recovered seen in the EUR/USD pair. The pair seems to be losing the bearish momentum as the Stochastic indicator on some time frames shows the need for an upside correction. Yet today we might witness high volatility during the session due to the contradiction in momentum and direction indicators on the charts. Our medium term target remains at the 38.2% correction at 142.67

Support: 147.93, 147.57, 147.30, 147.10, 146.85
Resistance: 148.75, 149.03, 149.32, 149.76, 150.13

GBP/JPY

Although the pair was pressured to the downside as risk aversion was the theme for trading yesterday, it failed to breach the trend line and full correction for the medium downside trend at 186.00 – 186.20. We expect trading for today to experience heavy fluctuations with the mix in signals from the direction and momentum indicators.

Support: 186.57, 186.14, 185.56, 185.01, 184.41
Resistance: 187.09, 187.78, 188.55, 188.94, 189.52

EUR/GBP

The EUR/GBP pair was able to breach the 61.8% correction for the medium term channel at 0.7945 yesterday to remain trading below it as we see today it is attempting to retest the level. Although direction indicators support the pair to the upside, yet momentum indicators show the pair lacking enough bullish momentum to breach the resistance level trading today is expected to be of low volume and perhaps limited within the 76.4% correction at 0.7887 and the previously mentioned correction. 0.7887 offers good demand for the pair

Support: 0.7922, 0.7910, 0.7887, 0.7863, 0.7851
Resistance: 0.7945, 0.7962, 0.7978, 0.7989, 0.8004

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.