Technical Analysis for Crosses

EUR/JPY

The EUR/JPY pair is still trading below the 23.6% correction at 152.72 for the long term ascending channel making it our initial upside target. Momentum indicators are gradually adjusting as we see on the Stochastic with the ADX supporting movements to the upside. However, as we expect trading to be of low volume, a neutral trend might dominate trading for today.

Support: 150.29, 150.13, 149.89, 149.48, 149.16
Resistance: 150.76, 151.33, 151.73, 152.17, 152.47

GBP/JPY

The pair was able to breach the 61.8% correction at 187.78 yesterday for the medium term descending channel where today we expect to witness slight upside movements with low volatility as seen on direction indicators perhaps taking the target to 192.89 which is the 23.6% Fibonacci level. However, as the pair lacks enough bullish momentum and as we see the level supported by the 20 day moving average on the daily charts and 100 day moving average on the 4 hour chart, the pair might face difficulties in successfully breaching the level.

Support: 189.14, 188.67, 188.05, 187.78, 187.29
Resistance: 190.01, 190.67, 191.25, 191.65, 192.29

EUR/GBP

Not much has changed since yesterday as we see the pair is still attempting to build a solid base above the 61.8% correction for the medium term channel at 0.7945. We expect trading to be of low volume ongoing a sideways trend yet if the pair breaches the mentioned level, the next initial target will be at the 0.7990s level. 0.7922 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

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