Cross Rates

(GBP/JPY)
 
The Pound continued to decline against the Yen throughout this morning after dropping yesterday, the pair managed to breach the 38.2% correctional level at 202.68 and now seems to be heading towards the 200.77 support level which represents the 50% correctional level and offers strong support for the pair, while the upside reversal will only be confirmed if the pair breaches the 202.68 once again.

(EUR/JPY)
 
The Euro also continued to decline heavily against the Yen as the downside wave extended beyond the 38.2% correctional level and seems to be heading towards the 158.37 which offers strong demand and represents the 50% level, yet if the pair is to reverse its wave to the upside it must breach the 159.90 resistance, the pair however needs to gather more momentum for such an upside reversal.

(EUR/GBP)
 
The Euro went back to winning ways against the Pound as the pair managed to incline above the 0.7890s level which suggests the pair might continue its upside wave to the 0.7931, though the momentum indicators are showing the pair needs o decline as it resides within an overbought area, but the strong support at 0.7890 should provide the pair with the needed momentum.