EUR/JPY
The 100% correction for the medium term ascending channel which is also the 200 day moving average on the weekly chart proved its strength as it was able to limit further losses for the pair. The pair rebounded to also open at a gap where it is currently testing the 76.4% Fibonacci level that is intersected with a trend line at the 156.10s. Yet there is a slight possibility we witness bearish movements to take the pair down to the 153.30s level before reversing back to the upside.
| Support | 155.70 | 155.42 | 155.22 | 155.01 | 154.80 |
| Resistance | 156.05 | 156.33 | 157.23 | 157.65 | 157.93 |
| Recommendation | ... | ||||
GBP/JPY
The 61.8% Fibonacci correction at 187.58 for the upside wave that started on 10-9-2000 and ended on 8-7-2007 was able to halt any further downside movements for the pair. Yet as the market opened on a gap, we expect the pair to decline to cover the gap before attempting any further upside movements supported by the slight weakness in the yen. We expect trading today to be of low volatility.
| Support | 193.46 | 192.97 | 192.53 | 192.06 | 191.41 |
| Resistance | 194.53 | 194.96 | 195.28 | 195.69 | 196.18 |
| Recommendation | ... | ||||
EUR/GBP
The EUR/GBP pair has entered the consolidation area once again for the long-term upside wave that started on 22-7-2007 and ended on 13-4-2008 after it breached the key support for the short term upside wave that started on 12-8-2008. The pair couldn't maintain the momentum to reach the previous 0.8200 target we mentioned and is now correcting to the downside as it tests the 38.2% correction for the short-term wave. Direction indicators and momentum indicators have adjusted for the pair showing that trading today might be neutral. A good demand point for the pair is 0.8017.
| Support | 0.8031 | 0.8017 | 0.8006 | 0.7991 | 0.7978 |
| Resistance | 0.8053 | 0.8063 | 0.8075 | 0.8086 | 0.8095 |
| Recommendation | ... | ||||