Great British Pound vs. Japanese Yen (GBP / JPY)
Midday Report
In accordance with our morning discussed scenario, the GBP/JPY pair slipped as seen in details on the secondary image. Once a breakout occurs below the recorded low of 133.90, the path will be cleared for a violent bearish wave. Hence, we keep our outlook to the downside for the rest of the day inside our bigger captured picture of Elliott sequence.
The trading range for the week is among key support at 130.50 and key resistance at 139.10.
The general trend is to the downside as far as 167.40 remains intact with target at 116.00.
Weekly Report Morning Report
| Support | 133.90 | 133.60 | 132.90 | 131.60 | 130.50 |
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| Resistance | 134.25 | 134.85 | 135.50 | 136.20 | 136.80 |
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| Recommendation | Based on the charts and explanations above our opinion is, selling the pair from 135.50 targeting 132.90 and stop loss above 137.40 might be appropriate. |
Euro vs. Japanese Yen (EUR / JPY)
Midday Report
The bearish harmonic pattern, which appears on the provided four-hour chart, is still in progress and it succeeded in taking the pair to the downside. Now, breaching the support level of the ascending channel and SMA 50 –valued at 121.50- will open the door for more bearishness for the rest of the day.
The trading range for today is among key support at 119.40 and key resistance now at 125.00.
The general trend is to the downside as far as 141.44 remains intact with targets at 100.00 followed by 88.97 levels.
Weekly Report Morning Report
| Support | 121.50 | 120.90 | 120.00 | 119.40 | 118.95 |
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| Resistance | 122.10 | 122.65 | 123.15 | 123.60 | 124.15 |
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| Recommendation | Based on the charts and explanations above our opinion is, selling the pair from 122.80 targeting 120.95 and stop loss above 124.15 might be appropriate. |
Euro vs. Great British Pound (EUR / GBP)
Midday Report
The royal pair is still struggling to stabilize above the detected pivotal resistance level of 0.9070. We still believe that the positive technical base that it built yesterday -discussed in the morning report- is able to help the pair stabilize above the aforesaid levels. Accordingly, we keep our overview to the upside for the rest of the day unless a decisive breakout occurs below 0.8985 zones.
The trading range is among the key support at 0.8905 and key resistance now at 0.9205.
The general trend is to the upside as far as 0.8020 area remains intact with targets at 1.0000 followed by 1.0400 levels.
Weekly Report Morning Report
| Support | 0.9030 | 0.9000 | 0.8985 | 0.8965 | 0.8935 |
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| Resistance | 0.9070 | 0.9115 | 0.9145 | 0.9170 | 0.9205 |
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| Recommendation | Our morning expectations remain valid |