Great British Pound vs. Japanese Yen (GBP / JPY)
Morning Report
We witnessed a sharp incline yesterday affected by the bullish harmonic AB=CD pattern of the four hour interval, discussed in details in yesterday's report. Currently, we have two positive signs that can assist the pair to achieve additional bullishness over intraday basis as follows:
1- The positive divergence, which was formed on RSI 14.
2- Yesterday's clear bullish candlestick pattern.
Note that there is a solid sell wall between 130.50 and 130.80-shaded in gray- and any breakout above it could send the pair higher towards 132.50 zones.
The trading range for today is among key support at 126.70 and key resistance at 132.50.
The general trend over short term basis is to the downside, targeting 118.80 as far as areas of 150.75 areas remain intact.
Weekly Report previous Report
Eye on the pair
| Support | 129.25 | 128.75 | 128.00 | 127.40 | 126.80 |
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| Resistance | 130.00 | 130.50 | 130.80 | 131.65 | 132.50 |
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| Recommendation | Based on the charts and explanations above our opinion is, buying around 129.25 targeting 131.65 and stop loss below 127.30 might be appropriate. |
Euro vs. Japanese Yen (EUR / JPY)
Morning Report
The pair soared yesterday affected by facing 88.6% of XA leg, as discussed earlier, but declined sharply again during the Asian session; where it presently is very close to 88.6% once more. We are not sure if it intends to breach it to complete the suggested bullish harmonic butterfly pattern or it could be double bottomed around 105.40. Yesterday's candlestick pattern was positive and whilst Stochastic and candlestick pattern of the four hour interval is negative, so this contradiction will make us keep the neutrality as a guide until a clearer sign appears.
The trading range for today is among key support at 104.30 and key resistance now at 108.50.
The general trend over short term basis is to the downside, targeting 97.90 as far as areas of 132.50 remain intact.
Weekly Report
previous Report
| Support | 106.20 | 105.90 | 105.40 | 104.95 | 104.30 |
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| Resistance | 106.90 | 107.30 | 107.60 | 108.00 | 108.50 |
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| Recommendation | Based on the charts and explanations above our opinion is, staying aside until we catch a significant sign to pinpoint the coming big move. |
Euro vs. Great British Pound (EUR / GBP)
Morning Report
After breaching 61.8% of the CD leg for the bearish harmonic, the bath became very clear for re-testing the full correctional levels or rather; areas of C point at 0.8150. Presently, the pair is moving around 76.4% of the above mentioned harmonic leg, while RSI reached the oversold areas and thus some kind of correction towards the pivotal resistance of 0.8245 could occur before resuming the proposed downside rally. Ribbons lines "EMA10 to 80" are acting as a ceiling for the time being.
The trading range for today is among the key support at 0.8110 and key resistance now at 0.8320.
The general trend over short term basis is to the downside, targeting 0.7780 as far as areas of 0.8965 remain intact.
Weekly Report
previous Report
| Support | 0.8205 | 0.8180 | 0.8140 | 0.8110 | 0.8085 |
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| Resistance | 8245 | 0.8255 | 0.8295 | 0.8320 | 0.8360 |
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| Recommendation | Based on the charts and explanations above our opinion is, selling the pair around 0.8245 targeting 0.8150 and stop loss above 0.8320 might be appropriate. |