Technical Analysis for Crosses

GBP/JPY

The GBPJPY pair dipped yesterday towards 147.60 support level, but failed to hold and close the session below it, to rebound with the start of today's session, approaching our first target for the weekly scenario at 150.00 level. A clear break above 149.50 will confirm a move higher, however for now we prefer to remain on the sidelines as the risk-rewards is inappropriate at the current levels.

Support: 126.00, 124.95, 123.85, 122.70, 121.55
Resistance: 127.75, 128.60, 129.30, 129.85, 131.00

Recommendation Based on the explanations above, we prefer to be neutral



EUR/JPY

The EURJPY pair dipped sharply yesterday, to touch levels below 126.00 and invalidate the weekly scenario. The pair rebounded following this test, as it failed to close the trading session below 126.00, but holding below 127.70 could be a negative indication. Accordingly, we prefer to be neutral this morning awaiting further confirmation

Support: 148.60, 147.85, 146.45, 145.95, 145.25
Resistance: 149.45, 150.70, 151.70, 152.65, 153.85

Recommendation Based on the explanations above, we prefer to be neutral



EUR/GBP

The EURGBP pair continues to gradually move higher, approaching the 50-days SMA and 0.8575 horizontal resistance. A retest of this resistance could provide an opportunity to short the pair, however the level should remain intact for the bearish continuation chances to remain likely.

Support: 0.8500, 0.8460, 0.8440, 0.8400, 0.8360
Resistance: 0.8560, 0.8600, 0.8655, 0.8700, 0.8720

Recommendation Based on the explanations above, we prefer to short the pair below 0.8575 targeting 0.8500 and 0.8450. Stop loss above 0.8620

IMOH, Clement I.
+234 802 905 9344
+234 703 569 1707