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Technical Cross
Written by article default Thursday, 03 February 2011 13:19
Great British Pound vs. Japanese Yen (GBP / JPY)Midday Report
The pair breached again the neckline mentioned in our morning report with an hourly closing above it. Therefore, our morning scenario was activated and requires stability above 130.35.
The trading range for today is among the key support at 130.60 and key resistance at 135.00.
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 | 132.30 | 132.00 | 131.30 | 130.35 | 130.00 |
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| Resistance | 132.90 | 133.40 | 134.00 | 134.50 | 135.00 |
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| Recommendation | Our morning expectations remain valid | ||||
Euro vs. Japanese Yen (EUR / JPY)
Midday Report
The downside bias did not alter the direction for the pair as stability remains above 61.8% correction of CD from the bullish Bat Pattern; trading above 112.05 keeps the possibility valid for the pair to return to the upside today. Despite the positive crossover on Stochastic, its neutral and accordingly the pair needs to move higher to breach 112.85 to confirm its positivity.
The trading range for today is among key support at 110.05 and key resistance now at 115.40.
The general trend over short term basis is to the downside targeting 97.90 as far as areas of 132.50 remain intact.
| Support | 112.05 | 111.60 | 111.05 | 110.70 | 110.05 |
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| Resistance | 112.85 | 113.35 | 113.85 | 114.00 | 114.40 |
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| Recommendation | Our morning expectations remain valid | ||||
Euro vs. Great British Pound (EUR / GBP)
Midday Report
The pair declined strongly affected by the aforementioned harmonic pattern. The pair is now trading below the 50% correction of CD leg and accordingly, more bearishness could be seen for the 61.8% correction at 0.8460 and might extend further to the main support from the bottom A to C at 0.8425, where a breach of might extend the decline. Stochastic and RSI are overbought and that might increase the volatility further.
The trading range for today is among the key support at 0.8365 and key resistance now at 0.8700.
The general trend over short term basis is to the downside targeting 0.7780 as far as areas of 0.8965 remain intact.
| Support | 0.8460 | 0.8425 | 0.8400 | 0.8365 | 0.8340 |
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| Resistance | 0.8500 | 0.8540 | 0.8590 | 0.8635 | 0.8665 |
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| Recommendation | Based on the charts and explanations above, our opinion is selling the pair around 0.8540 targeting 0.8460 and stop loss with four-hour closing above 0.8635 might be appropriate today | ||||