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Technical Cross
Written by article default Wednesday, 09 February 2011 14:02
Great British Pound vs. Japanese Yen (GBP / JPY)Midday Report
The pair inclined, affected by the bullish pattern which we discussed earlier but the resistance of 133.00 withstood as strong barrier. Stochastic entered overbought areas and that is why we may witness some kind of fluctuation to retest the previous broken neckline, before resuming the potential bullish wave for the rest of the day. Note that areas of 131.35 should hold to protect this scenario.
The trading range for today is among key support at 130.50 and key resistance at 135.85.
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 | 132.20 | 131.85 | 131.35 | 131.00 | 130.50 |
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| Resistance | 132.90 | 133.40 | 134.00 | 134.50 | 135.00 |
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| Recommendation | Based on the charts and explanations above, our opinion is buying the pair around 132.20 targeting 134.00 and stop loss below 131.35 might be appropriate. | ||||
Euro vs. Japanese Yen (EUR / JPY)
Midday Report
The pair declined approaching our detected support levels around 112.30, where it inclined once more. This action added more confirmation that the bullish effect of our suggested bullish bat pattern is still in favor. In the interim, the pair is stable above 61.8% of CD leg suggesting additional bullishness for the rest of the day. A break of 112.85 may assist it to retest 113.35, followed by the previous explained target. -Review the morning report-
The trading range for today is among key support at 109.65 and key resistance now at 114.40.
The general trend over short term basis is to the downside, targeting 97.90 as far as areas of 132.50 remain intact.
| Support | 112.30 | 111.80 | 111.60 | 111.20 | 110.95 |
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| Resistance | 112.85 | 113.35 | 113.85 | 114.00 | 114.40 |
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| Recommendation | Based on the charts and explanations above, our opinion is buying the pair around 112.30 targeting 114.40 and stop loss with four-hour closing below 111.20 might be appropriate today. | ||||
Euro vs. Great British Pound (EUR / GBP)
Midday Report
The royal pair continues trading between 0.8460 and 0.8505 levels. RSI started to be positive, whilst Stochastic is negative and thus risk versus ratio is still too high. Consequently, we hold onto our neutral outlook for the rest of the day. A break of 0.8505 -SMA 50- will bring additional bullishness and a break of 0.8460 will make the pair resume the bearishness of the proposed harmonic pattern.
The trading range for today is among the key support at 0.8290 and key resistance now at 0.8635.
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 | 0.8440 | 0.8410 | 0.8370 | 0.8330 |
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| Resistance | 0.8505 | 0.8540 | 0.8590 | 0.8635 | 0.8665 |
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| Recommendation | Based on the charts and explanations above we remain neutral awaiting further confirmations. | ||||