Technical Analysis for Crosses

EUR/JPY

Momentum indicators were able to adjust from an overbought area to result in downside movements as the pair once again failed to breach the 38.2% correction for the downside channel at 155.60. Yet on the four hour chart and hour chart, we see the pair on its way to enter an oversold area which could help movements rebound to the upside. In general, trading remains within narrow ranges between the mentioned correction level and the minor support at the 154.50s-154.60s level. A good demand point for the pair is 154.50.

Support: 154.56, 154.35, 154.04, 153.47, 153.19
Resistance: 155.19, 155.60, 155.94, 156.16, 156.51

GBP/JPY

The GBP/JPY declined yesterday as it is currently targeting the 23.6% correction at 193.07 yet we expect trading today to be of high volatility as we see mixed signals from technical indicators with momentum indicators showing the need of an upside correction while the ADX indicator is pointing for the tendency to the downside. 193.07 is a good buying point for the pair since the 23.6% level is supported by the 50 day moving average on the four hour chart.

Support: 193.78, 193.07, 192.66, 192.13, 191.68
Resistance: 194.84, 195.24, 195.69, 196.25, 196.76

EUR/GBP

The pair was able to rebound to close trading yesterday above the 61.8% correction level at 0.7943 yet as the pair failed to maintain the bullish momentum, resulting in low volume trading, it is currently facing a critical resistance at 0.7970s supported by the 100 and 200 day moving averages on the four hour chart and 20 day moving average on the daily chart. The pair needs to decline to the 0.7945-0.7950 levels as it is on the verge of entering an overbought area on the four hour chart in an attempt to breach the mentioned resistance before opening the way to 0.7990s

Support: 0.7945, 0.7926, 0.7916, 0.7904, 0.7888
Resistance: 0.7975, 0.7989, 0.8005, 0.8021, 0.8037

Crown Forex

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