Technical Analysis for Crosses

Daily Forex Technicals | Written by Crown Forex | Oct 07 08 06:37 GMT |

EUR/JPY Although the pair continued to decline, we saw the key support for the descending channel at 137.27 was able to halt further losses resulting in a significant rebound to the upside. Momentum indicators still show the need for an upside direction supported mostly by the RSI whereas the stochastic indicator is giving mixed signals; while the direction indicators have started to adjust to show the potential for some upside movements which would take the pair back to the 141 levels before attempting to retest the 38.2% correction for long term ascending channel at 142.66. Support: 139.30, 138.95, 138.57, 138.02, 137.49 Resistance: 139.87, 140.21, 140.70, 141.00, 141.24 GBP/JPY Signs of adjustments on the technical indicators are evident on the daily charts yet on the weekly chart we still see mixed signals with the ADX pointing to the downside while the RSI is still within an oversold area. We see the pair had rebounded yesterday after nearing a critical support level at the 173 levels. However, currently the pair lost enough momentum as it is now consolidating around the 180.30s. Support: 179.32, 178.78, 178.26, 177.61, 177.15 Resistance: 180.62, 181.26, 181.66, 182.27, 182.68 EUR/GBP The pair failed to breach the 23.6% correction for the long term ascending channel at 0.7664 as it continues to trade below the level. However, as we see direction indicators adjusting to support the bullish movements alongside the pair being overbought, we could see another attempt to breach the mentioned resistance and if so, the pair would once again enter a consolidation area between 0.7764 and 0.8036 Support: 0.7717, 0.7693, 0.7684, 0.7670, 0.7655 Resistance: 0.7744, 0.7764, 0.7777, 0.7789, 0.7805 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.