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Technical Cross

Written by article default Wednesday, 23 November 2011 08:07

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 maintains stability below the previously breached pivotal support at 120.75, while the 50 EMA continues to pressure trading negatively. Therefore, we continue to expect bearishness for today awaiting acquiring the main first target at 119.00 now, which is the gate into trading back within the previously breached descending channel.
The trading range for the day may be among the 117.95 support and 121.55 resistance.

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



Support 120.00 119.00 117.95 117.40 116.95
Resistance 120.75 121.55 122.20 122.60 123.15
Recommendation Based on the charts and explanations above we recommend selling the pair around 120.75 targeting 119.00 and stop loss above 121.55 may be appropriate


Euro vs. Japanese Yen (EUR / JPY)

Morning Report

The range bound continues to confine trading as shown above, while stochastic is down-trending  and may support breaching the support of the range at 103.40 opening the door toward our suggested intraday bearish scenario. The effect of the previously breached bearish technical pattern remains valid, mentioning that breaching above 104.75 again may invalidate the pattern.

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.

Previous Report

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 found a strong resistance at 0.8665 that pushed  trading lower as shown above, this resistance is the 50 EMA alongside a neckline for a possible bullish pattern that may be developing as shown on the minor image above. in general, stability above the support of the yellow shaded side-way range in addition to the possible bullish pattern are factors that support a bullish intraday move for today, mentioning that the awaited incline requires two conditions, a breach above 0.8665 and steady trading above 0.8525.

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

Previous Report



Support 0.8600 0.8525 0.8460 0.8415 0.8385
Resistance 0.8665 0.8720 0.8765 0.8805 0.8845
Recommendation Based on the charts and explanations above we recommend buying the pair with a breach above 0.8665 targeting 0.8770 and stop loss with four-hour closing below 0.8600 may be appropriate

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