Technical Analysis for Crosses

EUR/JPY

The Euro continued to fall against the Japanese Yen as the pair continued to trade below the 23.6% correctional level at 150.80, the momentum indicators are showing the pair is being traded among an oversold area on daily basis however that doesn't mean that the pair can't declined further, we expect the pair to remain very volatile over the short term with a downside tendency, and if the pair remains trading below the 150.80 the target would be set at the 38.2% correctional level at 138.99 over the medium term.

Support: 147.39, 146.93, 146.60, 146.23, 145.94
Resistance: 147.84, 148.22, 148.59, 148.96, 149.21

GBP/JPY

The British Pound fell yesterday against the Japanese Yen below the critical support level at 187.52 which represents the 61.8% correctional level for the upside wave that started back in September 2000 and ended in July 2007, if the pair fails to breach this level back to the upside, it will probably decline further to the downside with the possible target being set at 183.78, yet the pair is being traded among an oversold area on daily basis and that could lead the pair to indulge in upside correctional waves on intraday basis to unload some momentum and continue falling to the downside, and only breaching the 187.52 would open the way up to the 189.15 resistance level.

Support: 187.08, 186.58, 186.02, 185.55, 185.11
Resistance: 187.52, 188.04, 188.49, 189.15, 189.63

EUR/GBP

The Euro fell against the British Pound as the pair breached the 0.7899 level and continued to drop to reach the support level at 0.7878 represented by the 200 days moving average and if this level was breached the pair will target the 0.7843 support level, the momentum indicators are still pointing for more room to drop while the ADX is starting to show divergence that supports the downside direction, and only breaching the 0.7899 would open the way back to the 0.7946 resistance level.

Support: 0.7878, 0.7865, 0.7852, 0.7843, 0.7828
Resistance: 0.7899, 0.7911, 0.7924, 0.7935, 0.7946

Crown Forex

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