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Technical Cross
Written by article default Wednesday, 06 April 2011 11:08
Great British Pound vs. Japanese Yen (GBP / JPY)Morning Report
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The GBP/JPY pair was able to reach the suggested technical target of the weekly report easily at 138.70, where 127.2% Fibonacci projection of CD leg of the harmonic exists. Some kind of exhaustion started to appear on indicators and that is very normal due to the sharp degree of the recently drawn uptrend but the bullishness remains intact. We are looking forwards to see the pair resuming its upside trip towards 161.8% of CD leg at 143.20 but we should observe the price behaviors around the psychological level of 140.00.
The trading range for today is among key support at 135.50 and key resistance at 143.30.
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 | 138.70 | 137.80 | 136.80 | 135.50 | 135.00 |
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| Resistance | 139.75 | 140.40 | 141.50 | 142.60 | 143.30 |
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| Recommendation | Based on the charts and explanations above our opinion is, buying the pair around 138.70 targeting 141.50 and stop loss below 136.75 might be appropriate. | ||||
Euro vs. Japanese Yen (EUR / JPY)
Morning Report
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Just twenty pips separated yesterday between the pair and the awaited pivotal support of 119.10, where it soared towards the technical objective of the weekly chart at 121.05 as seen on the provided daily graph. The pair started to stabilize above this critical levels and it seems that it intends to reach the scientific technical target of our suggested mixture of Elliott and classical studies at 126.40 during the coming period. Henceforth, we hold onto our bullish predications over intraday basis; noting that 125.00 represents a psychological level.
The trading range for today is among key support at 118.65 and key resistance now at 125.00.
The general trend over short term basis is to the downside, targeting 97.90 as far as areas of 132.50 remain intact.
| Support | 121.05 | 120.00 | 119.10 | 118.65 | 117.85 |
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| Resistance | 122.45 | 122.90 | 123.35 | 124.15 | 125.00 |
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| Recommendation | Based on the charts and explanations above our opinion is, buying the pair around 121.15 targeting 124.00 and stop loss below 119.10 might be appropriate. | ||||
Euro vs. Great British Pound (EUR / GBP)
Morning Report
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The contradiction between our yesterday's discussed breakout below the support line of the bullish channel and the oversold sign started to appear on RSI might cause technical hesitation over intraday basis. There is a technical factor that might assist the pair to move higher once more, it is the breakout above 0.8780 zones-value of SMA 50- since it will be able to resume the extended technical targets of the bullish harmonic "5-0" pattern. We should know that the bigger picture over weekly basis is still definitely bullish as we discussed in EUR/GBP classical.
The trading range for today is among the key support at 0.8630 and key resistance now at 0.8910.
The general trend over short term basis is to the downside, targeting 0.7780 as far as areas of 0.8965 remain intact.
| Support | 0.8715 | 0.8700 | 0.8675 | 0.8660 | 0.8630 |
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| Resistance | 0.8780 | 0.8800 | 0.8840 | 0.8870 | 0.8910 |
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| Recommendation | Based on the charts and explanations above our opinion is, buying the pair with a breakout above 0.8780 targeting 0.8930 and stop loss below 0.8650 might be appropriate. | ||||