Crosses Technical Analysis

GBP/JPY

The Pound ended 2007 loosing heavily against the Yen and continued loosing ground with the start of today's trading, as investors bought the Yen back in a reversal move for carry trades, the general trend for the pair remains to the upside as far as 211.80 remains intact, but the short term technical indicators are showing the pair resides in an oversold area, and the level at 221.06 offers a strong demand point for the pair.

EUR/JPY

The Euro gained against the Yen unlike the Pound, but the pair still resides in an oversold area as indicated by the short term technical parameters, an upside potential is forming but is yet to be confirmed, but the general trend remains well to the upside for the pair, and the point at 163.07 seems to offer good demand for the pair.

EUR/GBP

The Euro continued to gain against the Pound, as the pair reached the upside targets we talked about earlier and the new target is set to be at the 0.7420s level, the general trend for the pair remains well to the upside and the short term technical indicators are still showing an upside potential even if the pair is entering an overbought area, and the point at 0.7370 seems to offer good demand for the pair.