Technical Analysis for Crosses

Daily Forex Technicals | Written by Crown Forex | Sep 12 08 07:37 GMT |

EUR/JPY

Not much has changed since yesterday as trading remains of high volatility within the same ranges. The EUR/JPY pair is still trading below the 100% correction for the medium term wave that started on 20-3-2008 where this level at 151.69 could be the target for any upside correction as indicated by the momentum indicators. A fail to breach this level and build a solid base above it will initiate a new downside wave opening the way to the 145.70s only if the 200 day moving average on the weekly charts at 150.24 was broken.

Support: 150.14, 149.67, 149.32, 149.03, 148.75
Resistance: 150.67, 150.88, 151.33, 151.62, 151.92
GBP/JPY

The GBP/JPY pair is still trading within narrow ranges between the 61.8% correction at 187.78 and the minor support at 188.76. Trading remains of low volume as momentum indicators try to adjust from being slightly oversold. We expect the pair to remain within this sideways pattern unless it is able to breach any of the mentioned levels. A good demand point for the pair is 187.78.

Support: 188.11, 187.78, 187.29, 186.87, 186.14
Resistance: 188.94, 189.52, 190.01, 190.67, 191.24
EUR/GBP

The Euro versus the Sterling once again found difficulty in breaching the 61.8% correction for the medium term upside channel at 0.7945 which is supported by both the 50 and 100 day moving averages. A breach of this mentioned level will take the pair to 0.7887 as our initial target yet we don't expect to see that anytime soon before witnessing the pair closing below the mentioned correction and confirming the downside movements. 0.7945 offers a good buying point for the pair.

Support: 0.7945, 0.7935, 0.7922, 0.7910, 0.7901
Resistance: 0.7976, 0.7989, 0.8004, 0.8016, 0.8025

Crown Forex

disclaimer:The above may contain information for investors/traders and is not a recommendation to buy or sell currencies, gold, silver & energies, nor an offer to buy or sell currencies, gold, silver & energies. The information provided is obtained from sources deemed reliable but is not guaranteed as to accuracy or completeness. I am not liable for any losses or damages, monetary or otherwise that result. I recommend that anyone trading currencies, gold, silver & energies should do so with caution and consult with a broker before doing so. Prior performance may not be indicative of future performance. Currencies, gold, silver &energies presented should be considered speculative with a high degree of volatility and risk.

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