Technical Analysis for Crosses

EUR/JPY

Calm trading since yesterday as the pair is still consolidating around the 38.2% correction for the medium term ascending channel that started on 28-7-2008 after rebounding from an intraday low limited by the 20 day moving average on the four hour chart at 154.49. We expect today trading to maintain the sideways trend around the mentioned level as momentum indicators have adjusted from an overbought area to currently show low volumes.

Support: 154.76, 154.35, 153.95, 153.47, 153.19
Resistance: 155.94, 156.16, 156.51, 156.92, 157.31

GBP/JPY

The GBP/JPY pair is still trading within the same levels as we see contradictions in technical indicators as the Stochastic indicator shows the pair being overbought on the daily charts and in need of a downside correction while direction indicators still support the bullish movement. We could witness a downside correction to the 195 levels in an attempt to gather enough bullish momentum to breach the consolidation area the pair has been trapped in between the minor support at 195.20s and the 38.2% correction at 197.43.

Support: 195.69, 195.24, 194.84, 194.44, 194.12
Resistance: 196.76, 197.43, 197.90, 198.36, 199.05

EUR/GBP

The 20 day moving average on the four charts is currently limiting further gains where breaking this level, the pair will have to face the 61.8% correction at 0.7945. As the pair lacks any momentum, trading remains sideways within the mentioned level and the 76.4% correction at 0.7888 where we don't expect to see the breach of any of the levels today as momentum and direction indicators are neutral.

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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