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Technical Cross
Written by article default Monday, 14 February 2011 18:55
Great British Pound vs. Japanese Yen (GBP / JPY)Midday Report
The pair is presently touching the awaited support of 133.20, whilst Stochastic started to give off positive signs as seen on the provided four hour chart. Henceforth, our weekly scenario was activated, supported by SMA 50. Note that, 132.00 zones should hold to keep this scenario valid.
The trading range for today is among key support at 131.55 and key resistance at 136.75.
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 | 133.20 | 132.90 | 132.00 | 131.55 | 131.00 |
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| Resistance | 134.00 | 134.50 | 135.00 | 135.85 | 136.15 |
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| Recommendation | Our weekly expectations remain valid. | ||||
Euro vs. Japanese Yen (EUR / JPY)
Midday Report
The pair succeeded in retesting 112.10 as we anticipated earlier and now, this level should prove its strength to assist the pair to stabilize above the first technical target of 61.8% of CD leg with a daily closing. This CD leg belongs to the bat pattern and a break of this level will bring bearish pressure. Momentum indicators are negative but stability above 112.10 is a positive indication and it keeps the weekly recommendation valid.
The trading range for today is among key support at 110.70 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 | 112.10 | 111.60 | 111.05 | 110.70 | 110.05 |
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| Resistance | 112.80 | 113.35 | 113.85 | 114.00 | 114.40 |
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| Recommendation | Our weekly expectations remain valid. | ||||
Euro vs. Great British Pound (EUR / GBP)
Midday Report
Just a few pips separated the pair and 0.8440 zones, where it declined testing 76.4% Fibonacci retracement at 0.8410 once more. Now, we need to witness stability, accompanied by four hour closing below the aforementioned level to cancel out the positive effect of Stochastic. This positive effect may send the pair to test 0.8440-0.8460 zones before resuming the downside rally. In general, the stable move below 0.8505-0.8535 makes our weekly anticipations valid, supported by the bearish harmonic formation.
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 | 0.8410 | 0.8365 | 0.8330 | 0.8295 | 0.8250 |
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| Resistance | 0.8440 | 0.8460 | 0.8490 | 0.8510 | 0.8540 |
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| Recommendation | Based on the charts and explanations above our opinion is, selling the pair around 0.8440 targeting 0.8330 and stop loss above 0.8505 might be appropriate. | ||||