Technical Analysis for Pacific Crosses

Technical Analysis for Crosses

GBP/JPY

The GBPJPY pair was initially rejected from 156.75 resistance level, to retreat currently approaching the previous high at 154.75 which may form a support for the currently bullish wave, it's also near the minor ascending trend line shown on the chart above. Accordingly, we expect a bullish rebound over intraday basis.
Support: 154.75, 153.85, 153.35, 152.50, 152.00
Resistance: 155.80, 156.75, 157.50, 158.35, 159.00
Recommendation Based on the charts and explanations above, we prefer to long the pair above 154.70 targeting 155.80,156.75 and 158.30. Stop loss at four-hour closing below 153.35

 

 

 

EUR/JPY

The EURJPY pair continues to fluctuate narrowly around 132.00 key resistance, while we spotted a bearish divergence on RSI over the four-hour and daily time intervals. Accordingly, we prefer to remain on the sidelines today as well, as we may see a downside pullback. A clear break above 132.00 may negate the divergence and force us to reconsider the bullish scenario.
Support: 131.00, 130.50, 129.90, 129.00, 128.50
Resistance: 132.00, 132.75, 133.50, 134.30, 134.90
Recommendation Based on the charts and explanations above, we prefer to remain on the sidelines awaiting confirmation