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Technical Cross
Written by article default Tuesday, 18 January 2011 15:08
Great British Pound vs. Japanese Yen (GBP / JPY)Midday Report
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The pair is presently touching 76.4% Fibonacci of the wave from 134.20 to 125.50 at 132.15. At the same time, potential bearish harmonic crab pattern appeared on the four hour interval, where its PRZ reside at 132.15. Thereby, we prefer watching the price behaviors around the sensitive correctional level to define if the rise from 125.50 is just a correction or a new upside trend is in progress.
The trading range for today is among key support at 127.80 and key resistance at 134.25.
The general trend over short term basis is to the downside targeting 118.80 as far as areas of 150.75 areas remain intact.
| Support | 131.60 | 131.05 | 130.50 | 130.00 | 129.40 |
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| Resistance | 132.50 | 133.15 | 133.60 | 134.20 | 134.80 |
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Euro vs. Japanese Yen (EUR / JPY)
Midday Report
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The slight upside recovery for yesterday's sharp decline is still below 127.2% of AB leg of our suggested harmonic "5-0" pattern. The alternation principle of the harmonic studies clarifies that 61.8% or 76.4 %of BC leg to be the PRZ of the entire pattern. To recap, possible bearish actions could be witnessed for the rest of the day as far as 111.25-111.30 remains unbroken.
The trading range for today is among key support at 107.75 and key resistance now at 111.65.
The general trend over short term basis is to the downside targeting 97.90 as far as areas of 132.50 remain intact.
| Support | 110.00 | 109.45 | 109.05 | 108.50 | 107.75 |
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| Resistance | 110.85 | 111.05 | 111.60 | 112.10 | 112.40 |
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| Recommendation | Our morning expectations remain valid. | ||||
Euro vs. Great British Pound (EUR / GBP)
Midday Report
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The pair is presently attacking our morning defined resistance around 0.8370, whilst the support of 0.8335 is carrying the upside movements from below. RSI 14 is still trending upwards and thus, we still believe that the royal pair might retarget 61.8% Fibonacci of CD leg for the bullish harmonic crab pattern. Conversely, area of 0.8275 should protect any setbacks.
The trading range for today is among the key support at 0.8225 and key resistance now at 0.8460.
The general trend over short term basis is to the downside targeting 0.7780 as far as areas of 0.8965 remain intact.
| Support | 0.8350 | 0.8320 | 0.8295 | 0.8255 | 0.8225 |
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| Resistance | 0.8385 | 0.8420 | 0.8445 | 0.8460 | 0.8500 |
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| Recommendation | Based on the charts and explanations above our opinion is, buying the pair with a breakout above 0.8370 targeting 0.8490 and stop loss below 0.8275 might be appropriate. | ||||