Technical Analysis for Crosses

EUR/JPY

After breaking the 38.2% correction for the long term ascending channel at 142.73, the pair returned to the trade within a downside channel pressured by the bearish movements as we see unwinding of carry trades in the markets. The pair is being heavily oversold on several charts according to momentum indicators yet it continues to neglect the need for an upside correction as it follows the direction of the ADX indicator. An upside correction could take us to the 140.40s level, but the downside direction prevails as the pair targets the 139.50s.

Support: 140.21, 139.87, 139.52, 139.30, 138.95
Resistance: 141.00, 141.24, 141.52, 141.86, 142.20

GBP/JPY

Technical indicators are pointing for a desperate need of an upside correction yet the pair is still loaded with bearish momentum as it targets the full correction for the long term ascending channel that started on 12-10-2003 and ended on 15-7-2007 at 179.32 as an initial target where if breached will open the way to the 178 levels before heading towards the 176 levels.

Support: 181.26, 180.62, 180.00, 179.32, 178.78
Resistance: 182.27, 182.68, 183.09, 183.60, 184.21

EUR/GBP

The EUR/GBP pair is trading within low volumes today after breaching the 23.6% correction level for the long term ascending channel at 0.7764. We could witness slight volatility in the markets today as we see mixed signals in the direction indicators on the technical charts yet as the stochastic indicator shows the pair being oversold, we could see a correction to the upside as it tries to retest the mentioned resistance at 0.7664

Support: 0.7717, 0.7693, 0.7684, 0.7670, 0.7655
Resistance: 0.7744, 0.7764, 0.7777, 0.7789, 0.7805

Crown Forex

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