Technical Analysis for Crosses

GBP/JPY

After reaching our detected target yesterday, Sterling versus Japanese yen has found good support that pushed it to close continuously above the key resistance areas that turned into support at 155.86, forming a bullish candlestick structure as it's attacking the upper line of our defined short term descending channel for the time being. A positive overlapping appears on TEMA and DEMA 5 indicators below the previous candle makes us say that additional upside action is expected over intraday basis towards the pivotal resistance zones of 160.75.

Trading range for today is among the key support at 153.60 and the key resistance at 162.25.

The general trend is to the downside as far as 167.45 remains intact with target at 116.00.

Support: 157.40, 156.60, 155.80, 155.00, 154.60
Resistance: 158.35, 159.35, 160.00, 160.75, 161.45

Recommendation: According to our analysis, buy the pair at 157.80 with targets at 160.30 and stop loss at 155.80

EUR/JPY

The European currency versus Japanese yen was supported successfully around the critical areas of 132.50. Now, as the pair succeeded to close yesterday positively above 134.15 zones; we think that further upward movements are now expected over intraday basis towards 136.40 zones in order to re-test the broken neckline of our captured [head & shoulders] pattern before resuming the major negative trend over medium term basis.

Trading range for today is among the key support at 130.10 and the key resistance at 137.40.

The general trend is to the downside as far as 141.44 remains intact with targets at 100.00 followed by 88.97 levels.

Support: 134.15, 133.45, 133.00, 132.50, 131.80
Resistance: 135.00, 135.50, 136.35, 137.00, 137.40

Recommendation: According to our analysis, buy the pair at 134.40 with targets at 136.40 and stop loss at 132.70

EUR/GBP

After reaching the first projected target for the short term bullish move during this week around 38.2% Fibonacci for the last descending wave the started at 0.8869 and bottomed out at 0.8423, the royal pair has declined towards the previous broken range areas; whereas it found good support that helped it to form a bullish candlestick structure that encourages us to say that the overall bullishness is anticipated to continue to re-test the mentioned 38.2 % Fibonacci level over intraday basis. Stochastic crossover attempts support our overview.

Trading range is among the key support 0.8370 and the key resistance at 0.8725.

The general trend is to the upside as far as 0.8020 area remains intact with targets at 1.0000 followed by 1.0400 levels.

Support: 0.8500, 0.8460, 0.8425, 0.8400, 0.8370
Resistance: 0.8535, 0.8565, 0.8590, 0.8640, 0.8700

Recommendation: According to our analysis, buy the pair at 0.8510 with targets at 0.8620 and stop loss at 0.8420

Ecpulse

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