Technical Analysis for Crosses

EUR/JPY

After the slight gain seen yesterday, the pair continued to decline today as it failed to breach the 74.6% correction level at 140.42 for the long term ascending wave that started on 19-6-2005 and ended on 15-7-2007 being a victim to unwinding. The pair is currently, however, finding difficulty to breach the key support for the downside correction at 135.66. We expect trading to be of high volatility today as we see mixed signals from direction indicators on different time frames yet the stochastic indicator is showing the excessive need for an upside correction.

Support: 136.02, 135.66, 135.28, 135.08, 134.82
Resistance: 136.75, 136.98, 137.21, 137.63, 138.02

GBP/JPY

The GBP/JPY is retesting the 74.6% correction for the long term upside channel at 174.51. We don't advise trading on the pair today as we could see fluctuations in the markets due to fears that have resulting in the unwinding of carry trades and the contradictory signals seen on the chart with direction indicators still showing the potential to the downside while the stochastic and RSI indicators are calling for an upside correction.

Support: 175.97, 175.32, 174.87, 174.51, 173.96
Resistance: 176.75, 177.15, 177.61, 178.26, 178.78

EUR/GBP

The Euro versus the Pound is still consolidating within narrow ranges between the 0.7717 support level and the 0.7777 resistance level with no specific trend. We are starting to see adjustments on technical indicators suggesting the continuation of the neutral trend as the 50 moving average at around the 0.7701 levels was able to halt further losses on the weekly charts. A breach of the mentioned level will take the pair to the 0.7650-0.7660 level before declining further to 0.7500s while a successful breakout of the mentioned resistance level will result in the retest of the 23.6 percent Fibonacci for the long term ascending channel at 0.7800

Support: 0.7717, 0.7701, 0.7684, 0.7670, 0.7655
Resistance: 0.7744, 0.7764, 0.7777, 0.7789, 0.7800

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.