Technical Analysis for Crosses
EUR/JPY
The EUR/JPY pair was able to recover yesterday's losses as it inclined today yet trading remains within a consolidation area between 147.70s – 151.60s. Momentum indicators and directions indicators show no specific trend as trading remains sideways but the ADX indicator is slightly adjusting to the upside. A significant breakout of any of these levels will initiate a new short term trend for the pair. Despite expectations of low volume trading for today, our first short term target is set at 151.60s as the pair lacks enough bullish momentum to breach it.
Support: 150.29, 150.13, 149.89, 149.48, 149.16
Resistance: 150.76, 151.33, 151.68, 152.08, 152.47
GBP/JPY
Once again, the pair remains consolidating between the 23.6% correction for the medium term downside channel at 192.89 and the major support for the long-term upside wave at 187.78 represented by the 61.8% Fibonacci correction as the pair completed the final leg of the Elliot Wave on the weekly charts. We expect the trend to remain neutral supported by technical indicators until the breach of any of the mentioned levels is witnessed.
Support: 190.10, 189.68, 189.14, 188.67, 188.05
Resistance: 190.96, 191.25, 191.65, 192.29, 192.88
EUR/GBP
The Euro versus the pound extended its losses yesterday as it was able to close below the 61.8% correction at 0.7898 for the upside medium term wave. Momentum indicators show the pair on the verge of entering an oversold area yet direction indicators are mixed suggesting that we could witness volatility in the markets. Any upside correction will take us back to the 61.8% correction but the adjustment direction indicators to the downside will take the pair to 0.7850s before heading towards the full downside correction at 0.7791. 0.7851 offers good demand for the pair
Support: 0.7887, 0.7863, 0.7851, 0.7839, 0.7824
Resistance: 0.7898, 0.7915, 0.7925, 0.7937, 0.7944
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.
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