Technical Analysis for Crosses

GBP/JPY

The GBPJPY pair is moving sideways, the pair failed at 151.10 level yesterday before attempting to resume the bearish wave that started from 153.85 high. We need a break and stability below 147.90 level to confirm a new bearish trend, on the other hand, 151.10 should be taken to confirm the end of the ongoing correction. Accordingly, we remain on the sidelines until then.

Support: 149.40, 148.80, 148.10, 147.15, 146.55
Resistance: 150.50, 151.70, 152.65, 153.25, 153.85

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



EUR/JPY

The EURJPY pair fluctuated heavily yesterday, invalidating our earlier scenario. Although price dipped lower yesterday, it managed to close the trading session above 127.70 previous major high, we prefer to monitor price this morning around this level, as trading is at the middle of the recent trading range where the risk-reward is inappropriate.

Support: 127.70, 126.90, 126.00, 125.50, 125.00
Resistance: 128.40, 129.00, 129.70, 130.50, 131.10

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



EUR/GBP

The EURGBP pair retreated sharply yesterday, after touching levels around 0.8635 the pair reversed course to end the trading session well below 0.8600 and 0.8575 resistance levels, accordingly, our previously suggested bearish scenario remain in play, looking for a continuation of the overall bearish wave that started from 0.8800 top.

Support: 0.8560, 0.8500, 0.8460, 0.8440, 0.8400
Resistance: 0.8600, 0.8655, 0.8700, 0.8720, 0.8750

Recommendation Based on the explanations above, we prefer to short the pair below 0.8600 targeting 0.8540,0.8490 and 0.8450. Stop loss above 0.8655.

IMOH, Clement I.
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