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Technical Cross

Written by article default Friday, 25 November 2011 07:43

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.
Thin trading volumes is clear on the above chart, where trading continued within a narrow range since yesterday however with a slight downside bias. Accordingly, the suggested bearish scenario is still valid supported by the 50 EMA. 120.75  should remain intact 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 maintains stability below the support of the previously breached range bound at 103.40, while stochastic is gradually  losing it's upside momentum due to the narrow trading stance. Therefore, continuation of the downside move is likely for today targeting 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 101.00 ,stop loss with four-hour closing above 104.25 may be appropriate


Euro vs. Great British Pound (EUR / GBP)

Morning Report

The formation of the bullish technical pattern is still in progress, and the minor image illustrates that, therefore, all what we need is a breach above the neckline of the formation around 0.8665 to activate the positive effect of the pattern, taking into consideration that the 50 EMA is pressuring the pair negatively and this may make it more difficult  for the pair to acquire the awaited and expected upside move today. Steady trading above 0.8525 is required for the bullish expectations.

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 0.8600 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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