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Technical Cross

Written by article default Monday, 28 November 2011 07:28

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

Midday 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.
Narrow trading and low volume levels continues to dominate the session , thus , no changes to our suggested morning scenario.
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.

Morning 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)

Midday Report

The pair is clearly downside biased although stochastic is within oversold areas,  stability below 102.65 level supports the continuation of the downside move. In general, steady trading below 103.40 is required for our intraday 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.

Morning Report

Weekly Report



Support 102.10 101.70 101.50 101.00 100.00
Resistance 102.65 103.40 104.25 104.75 105.35
Recommendation Based on the charts and explanations above we recommend selling the pair around 102.65 targeting 101.00 ,stop loss with four-hour closing above 102.65 may be appropriate


Euro vs. Great British Pound (EUR / GBP)

Midday Report

The pair failed to trigger our bullish expectations as it couldnt breach 0.8665 level, therefore, we will stay aside now, after the latest decline for the pair.

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

Morning Report

Weekly Report



Support 0.8525 0.8480 0.8460 0.8415 0.8385
Resistance 0.8600 0.8665 0.8720 0.8765 0.8805
Recommendation Based on the charts and explanations above we recommend staying aside awaiting more confirmations for the next move.

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