Technical Analysis for Crosses
GBP/JPY
The GBP/JPY is still forming the CD leg of our suggested duplicated bearish harmonic formation, where the Fibonacci level of 61.8% for XA leg meets 161.8% Fibonacci level of BC leg at 139.15 zones. This potential reversal zones are approaching gradually and we expect a possible reversal from there to the downside. Stochastic entered the overbought areas, supporting our bearish speculation for this week.
Trading range for this week is among key support at 131.60 and key resistance at 143.55.
The general trend over the short term basis is to the downside, targeting 126.80 as far as areas of 146.20 remain intact.
Support: 136.90, 135.50, 134.90, 134.00, 133.60
Resistance: 137.90, 138.40, 139.15, 140.00, 141.00
Recommendation Based on the charts and explanations above our opinion is, selling the pair from 138.40 targeting 133.60 and stop loss above 151.75 might be appropriate.
EUR/JPY
The EUR/JPY pair has faced SK (super cluster) resistance areas on past Friday, consisting of the full correctional level and 161.8% Fibonacci level for the BC leg. A bearish candlesticks structure has been formed, suggesting that, the upside correction might have been ended and a descending wave probably will start during this week, supported be negative sign appearing on AROON.
The trading range for this week is among key support at 120.00 and key resistance now at 128.35.
The general trend over the short term basis is to the downside, targeting 115.00 as far as areas of 132.50 remain intact.
Support: 124.15, 123.10, 122.30, 121.70, 120.90
Resistance: 125.00, 125.50, 126.75, 127.40, 128.35
Recommendation Based on the charts and explanations above our opinion is, selling the pair from 125.00 targeting 121.70 and stop loss above 127.40 might be appropriate.
EUR/GBP
The royal pair has lost the upside momentum and it seems that, 127% Fibonacci level of XA leg for our captured harmonic structure is solid enough to pressures it negatively. A double top formation might be under way but we will be sure once it breaches the suggested neckline of the pattern at 0.9000-0.9005 zones. Indicators show negative signs, supporting the possible negative speculation for this week.
The trading range for this week is among key support at 0.8720 and key resistance now at 0.9290.
The general trend over the short term basis is to the upside, targeting 0.9720 as far as areas of 84.00 remain intact.
Support: 0.9030, 0.9000, 0.8965, 0.8935, 0.8905
Resistance: 0.9070, 0.9115, 0.9140, 0.9205, 0.9240
Recommendation Based on the charts and explanations above our opinion is, selling with a breakout below 0.9005 targeting 0.8830 and stop loss above 0.9145 might be appropriate.
Ecpulse
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