EURJPY
The pair continues to trade within near-term consolidative range, after repeated failure to sustain break below 137 support zone and daily cloud base. Dip to 136.63, proved to be another false break lower, as the price bounced back to strong resistance at 138 zone, reinforced by daily 100SMA, below which, one-week consolidation was capped. With near-term picture showing directionless mode, expect break of either side of the range, to establish fresh direction. Overall bearish picture, however, keeps focus at the downside, with final push through near-term range floor, expected to fully retrace larger 135.80/141.20 ascend.
Res: 137.50; 137.75; 137.92; 138.00
Sup: 137.05; 136.67; 136.54; 136.00
GBPJPY
Near-term corrective rally, off fresh low at 173.41, posted yesterday, remains for now capped at psychological 175 barrier, with hourly bulls losing traction and entering sideways mode. Studies on 4-hour chart remain negatively aligned, which sees downside risk in play, while the price holds below pivotal 175 barrier. Potential break higher to ease immediate bear pressure. On the downside, 174 handle offers immediate support, ahead of dented daily 55SMA at 173.66 and key near-term support at173.41, below which opens 173.28, daily 100SMA and 200SMA, also Fibonacci 76.4% of 169.32/180.67 at 172.00, in extension.
Res: 174.82; 175.00; 175.78; 175.87
Sup: 174.00; 173.66; 173.41; 173.28
EURGBP
The pair holds positive near-term tone, as recovery rally off 0.7765 double-bottom, peaked ahead of psychological 0.7900 barrier and 0.7915, Fibonacci 61.8% of 0.8007/0.7765 descend / daily Kijun-sen line. Corrective action is under way, with initial support at 0.7847, Fibonacci 38.2% of 0.7765/0.7898 ascend, coming under pressure. Further easing should be ideally contained above 0.7835/30 supports, 07 Oct higher base and 50% retracement, to keep near-term bulls in play. Increased risk of lower top formation, could be expected in case of further weakness and violation of 0.7819/16, 03 Oct higher low / Fibonacci 61.8%, as overall bears look for final push towards 0.7755, to mark full retracement of larger 0.7755/0.8813, July 2012-Feb 2013 ascend.
Res: 0.7898; 0.7915; 0.7950; 0.8007
Sup: 0.7847; 0.7816; 0.7800; 0.7765
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