Technical Summary for Crosses

EURJPY

Near-term structure weakens after double rejection at psychological 137 barrier and subsequent pullback to 135.50, which is marks over 50% of 134.12/137.00 rally. Yesterday’s long red candle signals that near-term bulls off 134.12 low would be sidelined for now, in favor of further easing. Overall bearish picture, also favors downside, with limited corrective actions, seen while 137.66 barrier, 50% retracement of 141.20/134.12 descend, reinforced by daily Kijun-sen line and lower top at 137.90, stay intact. Descending daily 20SMA reinforces initial 137 barrier, with double bearish cross of 20/55 and 20/100 SMA’s, maintaining downside pressure. Fibonacci 61.8% retracement of 134.12/137.00 upleg at 135.22 and previous base at 135.10/00 zone, act as next targets, with loss of the latter, expected to open key near-term support at 134.12.

Res: 136.18; 136.42; 136.78; 137.00
Sup: 135.50; 135.22; 135.00; 134.80




GBPJPY

The pair consolidates corrective rally off 167.99, low of 15 Oct, which peaked at 173 zone and subsequent pullback being contained at 171, Fibonacci 38.2% retracement of 167.99/173.00 ascend. Bounce from 171 handle was so far limited at 172, by 200SMA, with sustained break higher, required to firm near-term tone and signal higher low formation, for retest of 173 barrier and attempt at 173.35/45, daily 55 and 100SMA’s and 20SMA at 173.94, in extension. Otherwise, close below 200SMA, would maintain weakened hourly / 4-hour structure and risk deeper pullback on a loss of temporary footstep at 171. Bearish daily studies support the notion, with the second consecutive close in red, seen as signal of further weakness. Previous low at 169.32, offers next good support, ahead of 167.99, last week’s fresh low.

Res: 172.08; 172.64; 173.00; 173.35
Sup: 171.00; 170.48; 170.17; 169.89





EURGBP

Near-term structure is weak, as pullback from last week’s peak at 0.8045, which was signaled by bearish Inside day candle on 16 Oct, dipped to 0.7876 so far, ticks away from Fibonacci 61.8% of 0.7765/0.8045 upleg and daily 20SMA. Dips were contained for now, with daily studies still holding positive tone and requiring current low to hold and daily close above 0.7940, to signal fresh recovery ahead. Conversely, loss of 0.7876 handle, will be seen as fresh bearish signal for further easing and attempt at initial 0.7848, 10 Oct trough, for possible full retracement of 0.7765/0.8045, in extension.

Res: 0.7891; 0.7940; 0.7979; 0.8000
Sup: 0.7876; 0.7848; 0.7819; 0.7800