Technical Analysis for Crosses

EUR/JPY

The pair failed from breaching the resistance for the downside channel to rebound to the upside to stop at 118.52 resistance; today the pair will attempt that level once more as momentum indicators are giving weak sell signals, the upside targets are at 121.42 which reside with the 50 and 100 MA over four-hour basis

GBP/JPY

The pair is still trading around critical levels due to the lack of momentum and conflicting signals from indicators; the 138.96 which is the 0.0% correction for the long term downside trend is the pivot point for trading as the pair did not manage to breach it so far. The upside targets over the medium term are set at 143.90 after breaching the important level at 141.04 yet momentum indicators are still not supporting the move which provides the pair with more volatility.

Support: 138.27, 137.98, 137.61, 137.12, 136.80
Resistance: 139.12, 139.70, 140.03, 140.60, 141.04

EUR/GBP

The pair failed in breaching 0.8433 yesterday which pushed it to rise extending beyond the ascending trend line over the medium term, momentum and direction indicators still support the upside mover the medium term, yet over the short term the pair is overbought and the ADX is close to shifting direction which will set the pair to fluctuate the targets remain to the downside over the short term at 0.8433 along side the 50 MA over four-hour basis which is as well the 23.6% correction level.

Support: 0.8513, 0.8494, 0.8475, 0.8460, 0.8450
Resistance: 0.8546, 0.8560, 0.8578, 0.8600, 0.8616

Crown Forex

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