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Technical Cross
Written by article default Friday, 11 February 2011 12:04
Great British Pound vs. Japanese Yen (GBP / JPY)Morning Report
The pair moved to the upside as we mentioned in our previous reports affected by the bullish pattern where the pair consolidated above its breached neckline as shown above. The ascending short term channel is still organizing the current wave while momentum indicators are overbought which might cause volatility and a downside bias before resuming the upside intraday move expected for today targeting 136.00-15.
The trading range for today is among the key support at 132.10 and key resistance at 136.15.
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 | 134.00 | 133.20 | 132.90 | 132.10 | 131.60 |
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| Resistance | 134.50 | 135.00 | 135.85 | 136.15 | 136.75 |
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| Recommendation | Based on the charts and explanations above, our opinion is buying the pair around 133.20 targeting 135.00 and stop loss below 132.10 might be appropriate | ||||
Euro vs. Japanese Yen (EUR / JPY)
Morning Report
The pair reached once again 76.4% correction of CD from the bullish Bat Pattern, and now the pair is stable around those areas. Despite the overbought signs on Stochastic it did not provide a negative signals and breaching 113.35 and stability above it will drive the pair towards 114.40, 88.6% correction of CD. We expect further bullishness today and the channel over four-hour basis confirms those expectations which require stability above 112.05 over intraday basis.
The trading range for today is among key support at 110.95 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 | 112.80 | 112.05 | 111.80 | 111.60 | 111.20 |
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| Resistance | 113.35 | 113.85 | 114.00 | 114.40 | 114.75 |
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| Recommendation | Based on the charts and explanations above, our opinion is buying the pair around 112.80 targeting 114.40 and stop loss with four-hour closing below 111.60 might be appropriate today | ||||
Euro vs. Great British Pound (EUR / GBP)
Morning Report
The pair returned to trade above the harmonic support and 61.8% correction of CD from the harmonic pattern shown above. The only conflict for the downside move is the positive crossover on Stochastic, though areas of 0.8460-8505 were strong enough to halt the upside attempts in the past two days. In general, we see that continued trading below 0.8505 will support the downside move over intraday basis today.
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 | 0.8440 | 0.8410 | 0.8370 | 0.8330 | 0.8290 |
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| Resistance | 0.8480 | 0.8460 | 0.8505 | 0.8540 | 0.8590 |
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| Recommendation | Based on the charts and explanations above, our opinion is selling the pair around 0.8460 targeting 0.8370 and stop with four-hour closing above 0.8505 might be appropriate | ||||