As seen in the above picture, the pair was able to successfully close above the key resistance for the sideways channel at 126.66 yet is currently facing difficulties in breaching the minor resistance at 127.12. As the EUR/JPY pair is being overbought according to momentum indicators, we expect to see a slight decline in correctional movements once again to the key resistance mentioned above before targeting our initial target at 127.44 and 129.30 respectively.
Support 126.66 126.29 125.81 125.20 124.67Resistance 127.12 127.44 127.91 128.32 128.87
Recommendation ...
GBP/JPY
Tight consolidation seems to continue to dominate the GBP/JPY pair's movements as it still fails to gather enough bullish momentum to breach the 133.70 level. On the other hand, the 133.20 is providing a good support as it was able to limit further losses by the pair where we expect trading to remain within these levels as seen on the technical indicators yet with very slight possibility to the upside.
Support 133.20 132.74 132.54 132.00 131.79Resistance 133.70 134.07 134.53 134.90 135.32
Recommendation ...
EUR/GBP
Gradually appreciating, the Euro versus the pound continued to fluctuate to the upside to currently trade at the 0.9515 level yet we see two strong resistance levels at 0.925 and 0.9539 that helped reverse the pair back to the downside. It seems that the pair is targeting to reach levels above the all time high that was recorded on 18-12-2008 at 0.9555 but before doing that, we might witness a correction to the downside to 0.9473 at the very least, as seen on the RSI and Stochastic indicators on the daily charts, before rebounding back to the upside with enough bullish momentum.
Support 0.9496 0.9473 0.9462 0.9448 0.9433Resistance 0.9525 0.9539 0.9554 0.9561 0.9576
Recommendation ...
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