Technical Analysis for Crosses by Crown Forex
EUR/JPY
The Fibonacci expansion level of 61.8% around 115.00 areas of the decline started at 127.65 prevented the pair from completing the whole downward scenario but we think that the retrace occurred from this level is to provide the pair by more momentum to make a new try that will be extended to retest the previous broken trend as shown on the above chart, therefore we expect a new downside wave today as far as 118.80-119.60 areas remain intact.
Although RSI indicator is at value of 52.00 neutral area but WILLIAM% R is clearly at overbought zone.
Trading range for today is among key support at 114.60 and key resistance now at 119.95.
The general trend is to the downside as far as 141.44 remains intact with targets at 100.00 followed by 88.97 levels.
Support: 117.20, 116.70, 115.94, 115.00, 114.60
Resistance: 117.99, 118.40, 119.00, 119.97, 120.66
Recommendation According to our analysis, we believe that it is good to sell the pair with a four hour close below 116.90 with targets at 115.40 and stop loss with a four hour close above 118.10.
GBP/JPY
Exactly, as we expected yesterday in our midday report that 127.50 was the limit whereas the pair stopped and started to retrace to form the right shoulder of the classical bearish pattern and we expect that this upward recovery will be limited at (131.60-132.50) cluster resistance areas which represent 61.8% Fibonacci of the whole decline started at 141.50.Today's outlook will be to the downside as far as 135.00 remains intact.
WILLIAM %R started to enter the overbought area.
Trading range for today is among key support at 125.15 and key resistance at 135.50.
The general trend is to the downside as far as 148.20 remains intact with target at 116.00 levels.
Support: 130.56, 129.54, 128.30, 127.80, 126.65
Resistance: 131.42, 132.02, 132.88, 133.60, 134.94
Recommendation: According to our analysis, we believe that it is good to sell the pair with a four hour close below 130.20 with targets at 128.40 and stop loss with a four hour close above 131.35.
EUR/GBP
The pair is trapped in a very tight range area with slight correction for the upside wave as we discussed before, actually it's battling 0.8985 zone which represents 38.2% Fibonacci of the whole Wolfe's count from 2 to 5 but its forming a bullish pattern and we expect that it will cause a price explosion which will take the pair to the previous explained target zone of the whole Wolfe's count. This intraday bullish forecast will be cancelled if the price stabilized below 0.8750 areas.
Trading range is among the key support 0.8650 and key resistance now at 0.9206.
The general trend is to the upside as far as 0.8020 area remains intact with targets at 1.0000 followed by 1.0400 levels.
Support: 0.8957, 0.8900, 0.8855, 0.8800, 0.8764
Resistance: 0.9000, 0.9070, 0.9130, 0.9165, 0.9206
Recommendation: According to our analysis, we believe that it is good to buy the pair with a four hour close above 0.9020 with targets at 0.9115 and stop loss with a four hour close below 0.8940
FX Technical Analysis by Mizuho Corporate Bank
EURUSD
Comment: Another small 'hammer/spike low' as the Euro holds inside a downward-sloping 'wedge' formation. This might just add enough pressure for a squeeze up to trendline resistance, a break of which just might set off enough buy stops to get us back up to 1.3000. Hopefully a sustained break above 1.3000 this afternoon, and even better a weekly close above 1.3100, should add some bullish momentum.
Strategy: Buy at 1.2920; stop below 1.2700. First target 1.3000, then 1.3100.
Direction of Trade: →↗
Chart Levels:
| Support | Resistance |
| 1.2853 " | 1.2944 |
| 1.281 | 1.2975 |
| 1.2747 | 1.3 |
| 1.2720/1.2700* | 1.31 |
| 1.2550* | 1.32 |
GBPUSD
Comment: Retracing over half of the rally up to 1.5000 where a cluster of resistance points lie. We expect it to try and base against the 1.4200 area this morning and possibly inching up towards 1.4500 late this afternoon..
Strategy: Buy at 1.4365; stop well below 1.4050. Short term target 1.4540, then 1.4800.
Direction of Trade: →↗
Chart Levels:
| Support | Resistance |
| 1.4252 " | 1.4395 |
| 1.4185 | 1.4419 |
| 1.4153/1.4138 | 1.4545 |
| 1.407 | 1.46 |
| 1.4050* | 1.482 |
USDJPY
Comment: Complex random moves as we consolidate roughly in the middle of the range since December. Expect more work around the lower edge of the Ichimoku 'cloud', and under trendline resistance, today.
Strategy: Possibly attempt tiny shorts at 91.00/91.25; stop/reverse above 92.55 for 94.00. Cover shorts ahead of 89.70 and watch for signs of basing between here and 88.40
Direction of Trade: →
Chart Levels:
| Support | Resistance |
| 90.54 " | 91.27/91.33 |
| 90 | 91.66 |
| 89.75/89.70 | 92 |
| 89.2 | 92.25 |
| 88.48* | 92.42/92.55* |
EURJPY
Comment: A small 'hammer/spike low' yesterday against the lower edge of the broad range established since October might add enough upside pressure to get us back up to the 120.00 area. Later this month we favour a break above the recent high at 120.04 towards the middle of the broad band which has held since October.
Strategy: Buy at 117.65 but only if prepared to add to 115.70; stop below 114.00. First target 118.00, then 120.00.
Direction of Trade: →↗
Chart Levels:
| Support | Resistance |
| 116.54 " | 118.04 |
| 115.7 | 118.68 |
| 114.9 | 118.9 |
| 114.22* | 119.6 |
| 113.60* | 120.04* |
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