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Technical Cross
Written by article default Friday, 18 February 2011 15:49
Great British Pound vs. Japanese Yen (GBP / JPY)Midday Report
The pair approached the retesting level around 134.20 before inclining to the upside once more. There is a technical obstacle at this week's recorded top at 135.40. SMA 50 meets the retest level, adding further strength to this support level. Henceforth, we hold onto our morning expectations for the rest of the day.
The trading range for today is among key support at 132.70 and key resistance at 137.50.
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 | 134.20 | 133.20 | 132.90 | 131.95 | 131.55 |
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| Resistance | 135.00 | 135.85 | 136.50 | 136.85 | 137.50 |
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| Recommendation | Based on the charts and explanations above our opinion is, buying the pair around 134.20 targeting 136.50 and stop loss below 133.20 might be appropriate. | ||||
Euro vs. Japanese Yen (EUR / JPY)
Midday Report
The pair is facing a very hard obstacle around 113.35 as the pair can't stabilize above it but the harmonic bat pattern may assist it to breach this resistance. We remind you that it is still stable above 112.05-112.10 and thereby, we keep our positive scenario intact. Stabilizing above 112.80 may assist the pair to cancel out the bearish momentum on Stochastic.
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 | 113.35 | 114.00 | 114.40 | 114.75 |
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| Recommendation | Our morning expectations remain valid. | ||||
Euro vs. Great British Pound (EUR / GBP)
Midday Report
Just a few pips separated between the price and the awaited levels around 0.8420, where the pair collapsed due to the effect of the harmonic structure. Additionally, the descending channel is still dominating the movements below SMA 20 and SMA 50. We keep our negative scenario intact for the rest of the day as the pair is trading below 0.8370.
The trading range for today is among the key support at 0.8210 and key resistance now at 0.8505.
The general trend over short term basis is to the downside targeting 0.7780 as far as areas of 0.8965 remain intact.
| Support | 0.8330 | 0.8290 | 0.8245 | 0.8210 | 0.8190 |
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| Resistance | 0.8390 | 0.8410 | 0.8460 | 0.8480 | 0.8505 |
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| Recommendation | Based on the charts and explanations above our opinion is, selling the pair around 0.8420 targeting 0.8245 and stop loss with a four closing above 0.8460 might be appropriate. | ||||