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Technical Cross

Written by article default Thursday, 24 November 2011 07:41

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 is trading with a downside bias since morning breaching the support of a symmetrical triangle pattern as shown above, this pattern is a continuation one , thus, supporting our expectations for the continuation of the downside move today, supported also by the previously breached bearish technical pattern at 120.75. The 50 EMA is another factor that supports bearishness. 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 120.75 resistance.

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

Previous Report


Support 119.00 117.95 117.40 116.95 116.25
Resistance 120.30 120.75 121.55 122.20 122.60
Recommendation Based on the charts and explanations above we recommend selling the pair around 120.30 targeting 119.00 and stop loss with four-hour closing above 120.75 may be appropriate


Euro vs. Japanese Yen (EUR / JPY)

Morning Report

The pair breached the support of the side-way range shown above, supporting the continuation of the downside move for today, while positivity on stochastic may push the pair to retest the breached support at 103.40 before heading toward the awaited targets at 102.10 and 101.00.

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 102.65 102.10 101.70 101.00 100.00
Resistance 103.40 104.25 104.75 105.35 106.10
Recommendation Based on the charts and explanations above we recommend selling the pair around 103.40 targeting 102.10 and stop loss with four-hour closing above 104.25 may be appropriate


Euro vs. Great British Pound (EUR / GBP)

Morning Report

The pair is under downside pressure from the 50 EMA in addition to the negativity  on stochastic , pushing it to trade negatively, while the formation of the bullish technical pattern remains in progress, as shown on the minor image. Therefore, we count on stability above the support of the yellow shaded range at 0.8525 and the possible positive formation to expect a bullish intraday move, mentioning that a breach above 0.8665 and steady trading above 0.8525 is required to acquire the awaited move.

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

Weekly Report



Support 0.8525 0.8460 0.8415 0.8385 0.8300
Resistance 0.8600 0.8665 0.8720 0.8765 0.8805
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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