Technical Analysis for Crosses

EUR/JPY

Starting the week with a decline, the pair is now being oversold on the intraday charts according to momentum indicators suggesting the possibility of an upside correction yet the ADX indicator is still supporting the downside trend. With the contradicting signals, any further downside movements will probably be limited at the 23.6% correction for the long term ascending channel at 152.72 as the pair lacks enough bearish momentum to breach the mentioned level as it is supported by the 100 day moving average on the four hour chart. On the other hand, any upside correction will take the pair slightly up to the 154.70s level.

Support: 153.47, 153.19, 152.72, 152.31, 151.90
Resistance: 153.95, 154.35, 154.76, 155.02, 155.35

GBP/JPY

The GBP/JPY pair is still trading within the same levels between the 38.2% correction and the 23.6% correction at 193.12 where the pair is currently targeting that level. On the four hour chart, we see the ADX indicator showing vigorous bearish signals yet on intraday charts, the Stochastic indicator is signaling for an upside correction. We expect high volatility for trading today.

Support: 193.73, 193.12, 192.69, 192.25, 191.68
Resistance: 194.44, 194.84, 195.24, 195.62, 196.00

EUR/GBP

We see mixed signals on technical indicators as direction indicators point to the downside while the Stochastic indicator on some time frames is on the verge of entering an oversold area pressuring the pair for the need of an upside correction. After failing to close above the 61.8% correction for the medium term ascending channel at 0.7943 Last Friday, the pair started a new bearish wave targeting the 76.4% correction at 0.7888 which is the lower limit of the consolidation area the pair has been trading within. We expect volatility during trading today so we advise to stay aside.

Support: 0.7904, 0.7888, 0.7875, 0.7861, 0.7850
Resistance: 0.7926, 0.7943, 0.7960, 0.7975, 0.7989

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.