EURJPY
The pair continues to rally after taking out psychological147 barrier and hits fresh highs on levels last time seen in Oct 2008. Overall bullishstructure maintains scope for extension towards next target at psychological150 barrier, in the near term and Fibonacci 76.4% retracement of multi-yeardescend from 169.95/94.10, at 152.05, in extension. Corrective action onoverbought studies should be anticipated, with dips to be ideally contained at 145.70 higher low, abovekey near-term support at 144.70 zone, break here of which will be bearish.
Res: 147.76; 148.00; 148.50; 149.00
Sup: 147.35; 147.00; 146.60; 146.25
GBPJPY
The pair accelerated higher and left higher base at 181zone, in fresh attempt at near-term range tops at 184.60. Today’s moves showattempts to break above the range, which last for almost two weeks and directionlessmode was confirmed by a number of Doji candles in past days. Overall positivestructure sees good base for eventual break and close above range tops, toconfirm break above 50% retracement of 2007/2011 251.08/116.82 descend at 184zone and signal resumption of larger correction from 116.82 low. However, cautionis required in case of repeated upside rejection, with prolonged consolidation tobe triggered by extended conditions of daily studies. Dips should be ideallycontained above 183 handle, near 38.2% of 181.07/184.52 upleg and rangeboundaries.
Res: 184.52; 185.00; 185.50; 186.00
Sup: 184.10; 183.70; 183.30; 182.80
EURGBP
The price pulled back off today’s fresh high at 0.8037 andprobed below psychological 0.8000 level. Pullback so far looks likeconsolidation on approach to key 0.8045/64, 15 Oct/10 Sep peaks, reinforced by200SMAbreak of which to confirm an end of multi-month congestion anddouble-bottom formation, for fresh corrective action of 0.8813/0.7765 descend. Furtherconsolidation ahead of pivotal barriers could be expected, with pullbacks onoverbought near-term conditions, expected to ideally hold above 0.7950/00supports.
Res: 0.8037; 0.8045; 0.8064; 0.8100
Sup: 0.7987; 0.7950; 0.7890; 0.7860
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