The Euro also continued to drop against the Yen since the pair was bale to breach the 200 days Moving Average at 162.08, however the pair was still not able to breach the 50% correctional level at 160.80 which continues to provide the pair with upside momentum, if the pair was able to breach the 160.80 the pair will target the 61.8% correctional level at 158.67, while breaching the 162.08 would open the way back to the 162.97 resistance level.

The Pound continued its downside wave against the Yen though we still believe the move is just a correctional wave that is now targeting the 61.8% correctional level at 201.44 given the pair maintains trading below the 204.19 level, he momentum indicators however are showing the pair is entering an oversold area on intraday basis and that might lead it to rebound back to the upside, but the support at 202.48 offers good demand for the pair today.

The Euro rose yesterday against the Pound, but the pair was still unable to close above the 100 days Moving Average at 0.7921, but the pair continued to rise today breaching this level and opening the way for higher targets to be acquired in which the first is set to be at the 0.7950, while downside targets are set to be at 0.7887 given the pair fails to close above the 0.7921 level.