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Technical Cross
Written by article default Monday, 16 January 2012 09:16
Great British Pound vs. Japanese Yen (GBP / JPY)Weekly Report(16-20 Jan)
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The pair maintains stability within the main descending channel shown on image and below 117.95 breached level, while the 50 EMA continues to pressure trading negatively. Positivity on momentum indicators may result in fluctuations for some time; however, we maintain our bearish expectations for this week, targeting 116.25 and 115.00. Steady trading below 119.40 is required.
The trading range for the week is expected among the key support at 114.30 and the key resistance at 119.40.
The short term trend is to the downside as far as 150.00 remains intact with targets at 112.00.
| Support | 117.40 | 116.80 | 116.25 | 115.40 | 115.00 |
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| Resistance | 117.95 | 118.70 | 119.40 | 120.25 | 120.95 |
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| Recommendation | Based on the charts and explanations above we recommend selling the pair around 117.95 targeting 116.25 and 115.00, stop loss with four-hour closing above 119.40 may be appropriate | ||||
Euro vs. Japanese Yen (EUR / JPY)
Weekly Report(16-20 Jan)
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The pair successfully acquired the initial downside targets around 97.40 and continues to push to the downside after successfully breaching the support of a continuation flag pattern shown on image. This pattern supports the continuation of the downside move this week, also supported by the 50 EMA, mentioning that positivity on momentum indicators may lead to a retest of the breached support which turns into resistance now around 97.50. The awaited targets start at 95.70 followed by 94.85.
The trading range for the week is expected among the key support at 96.10 the key resistance at 99.00.
The short term trend is to the downside as far as 150.00 remains intact with targets at 112.00.
| Support | 96.85 | 96.10 | 95.70 | 94.85 | 94.00 |
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| Resistance | 97.50 | 98.35 | 98.80 | 99.55 | 100.30 |
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| Recommendation | Based on the charts and explanations above we recommend selling the pair with around 97.50 targeting 96.10 and 94.85, stop loss with four-hour closing above 98.80 may be appropriate. | ||||
Euro vs. Great British Pound (EUR / GBP)
Weekly Report(16-20 Jan)
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The pair reversed sharply after approaching the main retest support level that was breached lately which turns into resistance now around 0.8400-as shown on image-, while price is approaching the 50% Fibonacci for the whole move from 0.8634 to 0.9802, which coincide with the support of the main descending channel around 0.8170. We think that the door is open towards testing the aforementioned support, supported by negativity on stochastic, however, we are not sure if the pair will breach the level or rebound again, therefore, we prefer staying aside and monitor trading around 0.8170 support and 0.8405 resistance.
The trading range for the week is expected among the key support at 0.8065 and the key resistance at 0.8440.
The short term trend is to the upside as far as 0.8165 remains intact with targets at 1.0370.
| Support | 0.8200 | 0.8170 | 0.8100 | 0.8065 | 0.8000 |
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| Resistance | 0.8295 | 0.8370 | 0.8400 | 0.8440 | 0.8480 |
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| Recommendation | Based on the charts and explanations above we recommend staying aside awaiting more confirmations | ||||