Technical Analysis for Crosses

EUR/JPY

The euro against the yen managed to breach the support level at 121.42 yesterday which opened the way for further downside moves; now the faces the support level at 118.52 which resides with the bottom of the medium term downside channel, this level might hold the pair yet a breach will lead the pair towards 117.50 levels. Technical indicators are starting to show further downside potential for the pair over the short and medium terms.

Support: 118.52, 118.30, 118.07, 117.63, 117.35
Resistance: 119.47, 119.87, 120.14, 120.50, 121.10

GBP/JPY

Sterling against the Japanese yen was capable of breaking through the confined range it has been trading within in the past period after it succeeded in ending yesterday's trading below 143.90 which was preventing the downside move for the pair; momentum indicators are still pointing lower over all time basis while despite the pair is trading within oversold areas yet no signs of reversal were seen to the upside. Targets are now set to the downside with initial targets set at 141.04 and then 140.12 which is the bottom of the medium term downside channel.

Support: 141.46, 141.04, 140.64, 140.24, 139.56
Resistance: 142.47, 143.12, 143.90, 144.88, 145.50

EUR/GBP

The pair breached the upside trend line over the medium term yesterday and managed to close below it which provides more downside potential for the pair; yet today the pair faces the 0.8335 as breaching this level opens the way towards the support level at 0.8292 which is the 38.2% correction level for the medium term upside wave; conflicting signals are seen from momentum indicators over several time intervals which might force the pair to fluctuate heavily today.

Support: 0.8335, 0.8325, 0.8315, 0.8292, 0.8280
Resistance: 0.8377, 0.8388, 0.8412, 0.8433, 0.8450

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.