Technical Analysis for Crosses

Daily Forex Technicals | Written by Crown Forex | Nov 17 08 08:09 GMT |

EUR/JPY The Euro also declined last Friday against the Japanese Yen and the pair opened today's session with a gap, we expect the pair to cover the gap before it declines back but since the momentum indicators are providing mixed signals we expect volatility to remain today, but as long as the pair remains trading above the 121.81 the pair should be able to maintain its upside momentum on intraday basis Support: 122.39, 122.11, 121.81, 121.31, 120.91 Resistance: 122.79, 123.11, 123.47, 123.87, 124.23 Recommendation: Buy above 121.81 with a target at 123.47 and a stop loss below 120.40 GBP/JPY The British Pound fell on Friday against the Japanese Yen, however the pair started to rise back this morning after opening with a gap, the momentum indicators are showing downside signals, but if the pair manages to breach the area among 143.90-144.88, the way will be open for the pair to rise back to the 148.73, while breaching the 143.01 will lead the pair down to the 140.91 level at least. Support: 143.01, 142.39, 141.69, 140.91, 140.20 Resistance: 143.90, 144.34, 144.88, 145.51, 146.13 Recommendation: But above 143.01 with a target at 144.88 and a stop loss below 140.91 EUR/GBP The Euro started to drop against the British Pound as the pair was trading within an overbought area on intraday basis which led the pair to indulge in a correctional wave to unload some momentum, yet the pair remains trading within an overbought area on daily and weekly basis which leads us to believe it will undergo a correctional wave sooner or later, and the pair now seems to be heading towards the 23.6% correctional level at 0.8433. Support: 0.8535, 0.8523, 0.8507, 0.8495, 0.8482 Resistance: 0.8554, 0.8569, 0.8583, 0.8600, 0.8615 Recommendation Sell below 0.8554 with a target at 0.8496 and a stop loss above 0.8615 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.