Technical Analysis for Crosses

GBP/JPY

The GBP/JPY pair is still controlled by the connected bearish harmonic formation as seen on the provided four-hour chart. Thereby, possible bearishness could be seen over intraday basis, supported by the bearish candlesticks formations while a break of 137.30 might bring panic sell-off actions.

The trading range for today is among key support at 133.60 and key resistance at 142.25.

The general trend over the short term basis is to the downside, targeting 126.80 as far as areas of 146.20 areas remain intact.

Support: 137.30, 136.80, 136.20, 135.50, 135.00
Resistance: 138.00, 138.40, 139.10, 139.75, 140.00

Recommendation Based on the charts and explanations above our opinion is, selling the pair from 138.20 targeting 135.50 and stop loss above 140.00 might be appropriate.

EUR/JPY

A typical re-testing action for the broken neckline of our suggested double top formation is currently occurring as seen on the provided four-hour chart. The secondary image shows this aforesaid scenario. Thus; we believe that the pair might start its projected bearishness over intraday basis, supported by the negative pressure which is obtained from the bearish harmonic structure.

The trading range for today is among key support at 120.00 and key resistance now at 126.35.

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: 122.80, 122.10, 121.70, 120.90, 120.00
Resistance: 123.60, 124.15, 124.65, 125.00, 125.50

Recommendation Based on the charts and explanations above our opinion is, selling the pair from 123.20 targeting 121.30 and stop loss above 125.00 might be appropriate.

EUR/GBP

The royal pair has found a slid support above the initial support level of 0.8905, pushing it to move upwards. These positive actions, accompanied by the bullish signs appearing on indicators signaled that, the 'A' wave might have been ended and the pair is currently forming the 'B' wave of our suggested Elliott sequence. Therefore potential corrective upside movements could be seen over intraday basis.

The trading range for today is among key support at 0.8790 and key resistance now at 0.9115.

The general trend over the short term basis is to the upside, targeting 0.9720 as far as areas of 0.8400 remain intact.

Support: 0.8935, 0.8905, 0.8885, 0.8860, 0.8830
Resistance: 0.8960, 0.9000, 0.9030, 0.9070, 0.9115

Recommendation: Based on the charts and explanations above our opinion is, buying the pair from 0.8940 targeting 0.9030 and stop loss below 0.8875 might be appropriate.

Ecpulse

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