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Technical Cross
Written by article default Friday, 08 April 2011 18:32
Great British Pound vs. Japanese Yen (GBP / JPY)Midday Report
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Continuous attempts to breach the pivotal resistance areas of 139.75 occurred during the previous session. The price behavior is very calm due to the negativity of momentum indicators and thus, we hold onto our bullish scenario for the rest of the day, supported by our efficient bullish harmonic pattern that pushes the pair towards 161.8% of its CD leg as we discussed this morning.
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 | 139.25 | 138.75 | 138.20 | 137.80 | 136.80 |
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| Resistance | 139.75 | 140.40 | 141.40 | 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)
Midday Report
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The pair stabilized above the initial support of 122.45, where it started to move upwards as seen on the provided graph. RSI 14 is still needs some kind of relief but we don't think that it will beat the present bullish trend of the suggested Elliott and classical mixture. To recap, we can see fluctuation but the upside rally remains in favor.
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 | 122.45 | 121.90 | 121.05 | 120.50 | 120.00 |
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| Resistance | 123.35 | 124.15 | 125.00 | 125.50 | 126.40 |
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| Recommendation | Based on the charts and explanations above our opinion is, buying the pair around 122.00 targeting 124.75 and stop loss below 120.50 might be appropriate. | ||||
Euro vs. Great British Pound (EUR / GBP)
Midday Report
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The royal pair inclined aggressively from the awaited support levels of 0.8770. The bullish momentum remains intact since SMA started to carry the bullishness from below, while momentum and trend indicators are still positive. Thereby, we keep our morning predications intact for the rest of the day. A break of 0.8815 will bring additional buying pressures.
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 | 0.8800 | 0.8770 | 0.8730 | 0.8715 | 0.8700 |
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| Resistance | 0.8840 | 0.8870 | 0.8910 | 0.8950 | 0.8965 |
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| Recommendation | Our morning expectations remain valid. | ||||