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Technical Cross

Written by article default Tuesday, 22 November 2011 07:47

Great British Pound vs. Japanese Yen (GBP / JPY)

Morning Report


The pair is trading with slight positivity since morning affected by positivity on momentum indicators, while we are still waiting for some upside correction testing 122.00 areas  before resuming the intraday downside move for today. The 50 EMA continues to pressure trading negatively, while the main target to the downside is located at 119.50 which is the retest resistance level for the main descending channel that was breached previously.
The pair retested the previously breached support at 120.75 and reversed to the downside as shown above, while the 50 EMA continues to apply negative pressure on the  pair. Accordingly, we hold onto our bearish intraday expectations for the pair, counting on the previously completed bearish technical pattern. Downside targets start at 119.15, while steady trading below 120.75 is required for our expectations  to remain valid.
The trading range for the day may be among the 117.95 support and 122.25 resistance.

The short term trend is to the downside targeting 122.00 so long as 150.00 remain      intact.

Previous Report

Weekly Report


Support 120.40 119.15 117.95 117.40 116.95
Resistance 120.75 121.70 122.20 122.60 123.15
Recommendation Based on the charts and explanations above we recommend selling the pair around 120.75 targeting 119.15 and stop loss above 121.70 may be appropriate


Euro vs. Japanese Yen (EUR / JPY)

Morning Report

The side-way range continues to confine intraday trading for the pair, where it touched the resistance of the bound at 104.25 and reversed to the downside supported by negativity on stochastic. Therefore, we continue to expect a downside move targeting mainly 103.40 followed by 102.10. Steady trading below 104.25-104.75 is required for our expectations to remain valid.

The trading range for the day may be among the 101.70 support and 104.75 resistance.

The short term trend is to the downside targeting 94.80 so long as 123.30 remain intact.

Weekly Report



Support 103.40 102.65 102.10 101.70 101.00
Resistance 104.25 104.75 105.35 106.10 106.50
Recommendation Based on the charts and explanations above we recommend selling the pair around 104.25 targeting 102.10 and stop loss with four-hour closing above 104.75 may be appropriate


Euro vs. Great British Pound (EUR / GBP)

Morning Report

The pair inclined to touch the  61.8% Fibonacci correction level which turned into resistance after it was breached, where the 50 EMA is located as well, adding more strength to the level. While the minor bullish pattern we mentioned yesterday was activated by breaching the neckline of the pattern at 0.8600, accordingly, an intraday bullish move is likely today, targeting mainly 0.8680 , followed by 0.8765.

The trading range for the day may be among the 0.8525 support and 0.8765 resistance.

The short term trend is to the upside targeting 1.0370 so long as 0.8165 remain intact




Support 0.8600 0.8525 0.8460 0.8415 0.8385
Resistance 0.8630 0.8680 0.8720 0.8765 0.8805
Recommendation Based on the charts and explanations above we recommend buying the pair around 0.8600 targeting 0.8680 and 0.8770 , stop loss with four-hour closing below 0.8525 may be appropriate.