Great British Pound vs. Japanese Yen (GBP / JPY)
Midday Report
The pair moved downwards aggressively, supporting the strength of 261.8% Fibonacci level for the bearish harmonic AB=CD pattern. The intraday outlook is still to the downside supported by OsMA, RSI 14 and AROON bearish signs. Breaching the key support level of 147.10 will ignite a panic sell-off action towards 145.40 zones.
The trading range for today is among key support at 142.25 and key resistance at 155.80.
The general trend is to the downside as far as 167.40 remains intact with target at 116.00.
| Support | 147.65 | 147.00 | 146.45 | 145.55 | 145.00 |
|
| Resistance | 148.30 | 149.35 | 150.00 | 150.80 | 151.50 |
|
| Recommendation | Our morning expectations remain valid |
Euro vs. Japanese Yen (EUR / JPY)
Midday Report
The same thing that can be said on the EUR/JPY pair, as it still moving within a tight range under the negative pressure of the extended harmonic wave at 261.8% Fibonacci level, as seen on the provided four-hour chart. Hence, we keep our overview to the downside for the rest of the day. Breaking 134.85 will clear the path for violent bearish movements, targeting 134.15 zones first, followed by 133.60.
The trading range for today is among key support at 132.50 and key resistance now at 138.20.
The general trend is to the downside as far as 141.44 remains intact with targets at 100.00 followed by 88.97 levels.
| Support | 135.00 | 134.15 | 133.60 | 133.00 | 132.50 |
|
| Resistance | 135.85 | 136.35 | 137.00 | 137.40 | 137.90 |
|
| Recommendation | Our morning expectations remain valid |
Euro vs. Great British Pound (EUR / GBP)
Midday Report
The pair inclined, forming a long white candlestick pattern as seen on the four-hour chart, approaching the first technical target of 0.9205. Now, a slight correction is underway before resuming the intraday bullishness, supported by the positive signs on Stochastic, A.C and MACD. A breakout above 0.9180 will assist the pair in reaching the key resistance level of 0.9260.
The trading range is among the key support at 0.8930 and key resistance now at 0.9340.
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.
| Support | 0.9130 | 0.9100 | 0.9070 | 0.9030 | 0.9000 |
|
| Resistance | 0.9180 | 0.9205 | 0.9235 | 0.9265 | 0.9300 |
|
| Recommendation | Our morning expectations remain valid |