Technical Analysis for Crosses

EUR/JPY

It seems like the breach of the 38.2% correction at 155.60 was a false breakout as the pair reversed movements to end trading yesterday below that level. As we see now the EUR/JPY pair is currently retesting the level but lacks enough bullish momentum as it is pressured to the downside since the pair is being overbought on the daily and intraday charts. A correction taking the pair to the 154.10 - 154.35 level could be the trigger to send the pair to higher levels and this time witness a successful breakout.

Support: 154.76, 154.35, 153.95, 153.47, 153.19
Resistance: 155.60, 155.94, 156.16, 156.51, 156.92

GBP/JPY

Although trading remains within the 38.2% Fibonacci correction at 197.43 and the minor support level at 194.84, we see contradictions on technical indicators as momentum indicators on the daily charts shows the pair being overbought and on an intraday basis shows the potential to also enter an overbought area suggesting a downside correction, yet the ADX indicator supports movements to the upside. We advise to stay aside for today.

Support: 195.69, 195.24, 194.84, 194.44, 194.12
Resistance: 196.40, 196.76, 197.43, 197.90, 198.36

EUR/GBP

The EUR/GBP pair pared gains recorded earlier in the week as it declined heavily yesterday to close below the 61.8% correction for the medium term ascending channel. Direction indicators are showing no specific trend yet we could witness a rebound as the pair is heavily oversold on the four hour charts as seen on the Stochastic indicator. Trading since the morning lacked any momentum as it has been consolidating between the 0.7904 support and the resistance level at 0.7920s where a break of the resistance will result in the pair retesting the 61.8% correction at 0.7945 while a bearish movement will take the pair down to 0.7880s.

Support: 0.7904, 0.7888, 0.7875, 0.7861, 0.7850
Resistance: 0.7926, 0.7945, 0.7960, 0.7975, 0.7989

Crown Forex

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