Technical Analysis for Crosses

GBP/JPY

The Sterling versus Japanese yen succeeded to retrace form the cluster support areas around 135.50 claiming that the extreme targets of the previous explained bearish harmonic pattern have been already reached and now additional upside movements are highly predicted after it succeeded to enter the previous proposed pitchfork’s channel again and any clear break out occurs above 141.30 -(61.8%) Fibonacci of the last decline started at 145.03- will accelerate this upside recovery towards 142.80 areas and probably will extend further towards retesting the full correction level at 145.00 zones. We notice that the ADX supports the intraday bullishness.

Trading range for today is among key support at 135.00 and key resistance at 145.00.

The general trend is to the downside as far as 148.70 remains intact with target at 116.00

Support: 139.40, 138.75, 138.00, 137.35, 136.50
Resistance: 140.50, 141.00, 141.70, 142.75, 143.80

Recommendation: According to our analysis, we believe that it is good to buy the pair at 140.20 with targets at 142.60 and stop loss at 138.50.

EUR/JPY

Depending on the same Elliott cycle of short term trading term range which we explained before, we can say that the strong reversal occurred from 126.50 areas which was confirmed by the bullish harmonic pattern as shown on the above chart can be now treated as an end for the internal C wave claiming that the 4th might be bottomed around the previous mentioned zone while current upside moves can be treated as the first wave inside the bigger 5th. Hence we expect that the sequence shows that the upside action will continue on the intraday basis as far as 127.30 remains unbroken.

Trading range for today is among key support at 126.50 and key resistance now at 133.80.

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: 129.50, 128.60, 128.00, 127.30, 126.50
Resistance: 130.60, 131.30, 132.00, 132.50, 133.20

Recommendation: According to our analysis, we believe that it is good to buy the pair at 129.90 with targets at 131.90 and stop loss at 128.40.

EUR/GBP

The royal pair is moving below 76.4% Fibonacci below SMA 20 as shown on the above 4h chart in a sideways channel exactly as we expected claiming that the left shoulder of the previous explained classical pattern is still in progress. Therefore we expect that the pair will retest the mentioned level between 0.9280 and 0.9310 areas followed by a violent action towards the neck line of the pattern around (0.9175-0.9160). So that outlook will be to the downside today as far as 0.9360 remains unbroken.

Trading range is among the key support 0.9070 and key resistance now at 0.9460.

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: 0.9250, 0.9205, 0.9165, 0.9100, 0.9070
Resistance: 0.9310, 0.9360, 0.9400, 0.9440, 0.9500

Recommendation: According to our analysis, we believe that it is good to attempt to sell the pair again at 0.9300 with targets at 0.9205 and stop loss at 0.9380.

Ecpulse

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