Technical Analysis for Crosses

EUR/JPY

Heavy fluctuations might be seen in the markets as momentum indicators are contradicting one another on different time frames yet it seems like the pair is more pressured to the downside. The pair is currently trading within the 23.6% and 38.2% correction for the medium term downside channel but in order to see a breach of the latter level, the pair needs to undergo a downside correction to gather enough bullish momentum before retesting the resistance level at 155.65. A good demand point for the pair would be above 153.30s.

Support: 154.20, 153.86, 153.45, 152.94, 152.72
Resistance: 155.22, 155.42, 155.60, 155.94, 156.16

GBP/JPY

Our target for the GBP/JPY pair on the short term at the 197 levels was reached by the closing session last week as the pair was able to successfully breach the 23.6% correction for the medium term downside wave which allowed it to initiate a strong upside trend targeting the 38.2% correction level at 197.42. We could witness heavy volatility in the markets today as technical indicators are giving mixed signals yet we believe the pair might decline to the 193 levels to gather more momentum before rebounding to the upside once again. A good buying point is offered at 193.48 – 193.72.

Support: 194.84, 194.44, 194.12, 193.72, 193.48
Resistance: 195.69, 195.94, 196.36, 196.76, 197.48

EUR/GBP

The pair started the week inclining to record a high at 0.7928 but failed to maintain enough bullish momentum as it slightly reversed to the downside. The trend for today is sideways as momentum and direction indicators show a neutral bias. The pair is still consolidating within the 76.4% correction at 0.7887 and 61.8% correction at 0.7944 for the medium term ascending channel where a breakout of any of the mentioned levels will define a trend for the pair. 0.7887 is a good demand point for the pair.

Support: 0.7897, 0.7887, 0.7875, 0.7860, 0.7851
Resistance: 0.7925, 0.7937, 0.7944, 0.7954, 0.7967

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.