EURJPY
The pair remains well supported and extended recovery rally from 135.80 low, where double-bottom was left. Fresh strength through key 138.27 barrier, 03 Sep previous high, continues to post new highs, en-route towards next targets at 139, round-figure level, also 50% retracement of 142.35/135.71 descend and 139.26, 03 July lower top. Four consecutive closes in positive tone, as well as completion of Three White Soldiers reversal pattern, supports the notion, with completion of 139.26/135.71 bear-phase, expected to open psychological 140 barrier. Weekly close above 138 handle is required to keep the structure intact.
Res: 139.00; 139.26; 139.51; 140.07
Sup: 138.43; 138.27; 138.00; 137.60
GBPJPY
The pair remains in unobstructed rally off 169.32, where near-term bottom was left, with four-day rally recovering the most of 175.33/169.32 descend. Probe above 174 barrier, took out 174.17, lower top of 30 July, aiming towards interim barrier at 174.52, 15 July high, on the way to key peaks and barrier at 175.33, 03/04 July highs. Bulls dominate on lower timeframes and gaining traction on daily studies, which supports the price for final push higher and attack at 175.33 hurdle. Psychological 174 level offers initial support for corrective pullbacks, with ideal reversal point for extended dips, seen at 174.40, Fibonacci 38.2% of 169.32/174.33 ascend, reinforced by daily 100SMA.
Res: 174.52; 174.82; 175.00; 175.33
Sup: 174.00; 173.65; 173.25; 173.00
EURGBP
The pair came under strong pressure after recovery rally 0.7901 higher low, stalled at 0.8064, 05 June low and short of 0.8072, Fibonacci 38.2% of larger 0.8398/0.7871 descend. Subsequent sharp acceleration lower, retraced 76.4% of entire 0.7901/0.8064 upleg and also filled Monday’s gap, when weekly trading started about 80 pips higher. Reversal found temporary support at 0.7938, daily Ichimoku cloud base, with further weakness seen in the near-term, as lower timeframes studies are negative. On the other side, neutral daily studies suggest prolonged consolidative phase, with more upside focus expected on a weekly close above Thursday’ high at 0.7976, which will confirm formation of Outside day pattern and sideline immediate downside risk.
Res: 0.7986; 0.8016; 0.8035; 0.8064
Sup: 0.7939; 0.7920; 0.7901; 0.7890
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