Technical Analysis for Crosses

GBP/JPY

Despite the sharp incline yesterday, a bearish harmonic [Gartley pattern] has been captured. The clear overbought signs on momentum indicators argue us to say that, descending actions are to be witnessed over intraday basis.

Trading range for today is among key support at 143.60 and key resistance at 153.40.

The general trend is to the downside as far as 167.40 remains intact with target at 116.00.

Support 148.00 147.40 146.80 146.20 145.50
Resistance 149.00 149.35 150.00 150.60 151.00
Recommendation Based on the charts and explanations above our opinion is, selling the pair from 148.60 targeting 146.20 and stop loss above 150.50 might be appropriate.

EUR/JPY

The EUR/JPY pair is still trapped between 132.00 and the key resistance level of 132.50, but the negative crossover on Stochastic shows that the bigger daily picture is still bearish as we believe that the pair is gathering the momentum it needs to move downwards, based on our suggested CD leg for the AB=CD pattern, which might continue to move the downside over intraday and short term basis.

Trading range for today is among key support at 128.90 and key resistance now at 135.50.

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 132.00 131.60 131.00 130.50 129.40
Resistance 133.15 133.65 134.15 134.70 135.00
Recommendation Based on the charts and explanations above our opinion is, selling the pair with a breakout below 132.50 targeting 130.05 and stop loss above 133.15 might be appropriate.

EUR/GBP

The pair declined yesterday after being resisted around the key resistance levels between 0.9030 and 0.9070. According to the suggested daily count, we think that it's presently forming the internal correction wave before heading upwards to resume the expected [IM] construction. As far as 0.8820 areas are unbroken we will keep our outlook to the upside.

The trading range is among the key support at 0.8760 and key resistance now at 0.9205.

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 0.8930 0.8905 0.8865 0.8820 0.8790
Resistance 0.8965 0.9000 0.9030 0.9070 0.9115
Recommendation Based on the charts and explanations above our opinion is, buying the pair above 0.8965 targeting 0.9070 and stop loss below 0.8880 might be appropriate.

Ecpulse

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