Great British Pound vs. Japanese Yen (GBP / JPY)
Morning Report
The GBP/JPY pair is still building a base to be able to breach the key resistance of 130.50 and whilst the uptrend line which carries the upside momentum still hold. Consequently, we keep our proposed bullish outlook over intraday basis, supported by the suggested Elliott count.
The trading range for today is among key support at 126.70 and key resistance at 134.20.
The general trend over short term basis is to the downside, targeting 118.80 as far as areas of 150.75 areas remain intact.
Previous Report
Weekly Report
| Support | 129.25 | 128.75 | 128.00 | 127.80 | 127.30 |
|
| Resistance | 130.00 | 130.50 | 131.00 | 131.65 | 132.00 |
|
| Recommendation | Based on the charts and explanations above our opinion is, buying the pair with a break of 130.50 targeting 132.80 and stop loss below 128.70 might be appropriate. |
Euro vs. Japanese Yen (EUR / JPY)
Morning Report
Stochastic is presently moving inside the overbought areas and that is why we think that the pair could re-test the pivotal support areas of 107.70 before resuming the projected upside rally over intraday basis. SMA 50 is still acting as a solid floor that carries the movements of the re-action for the IM wave of the suggested Elliott count. We recommend reviewing "Eye on the pair" report to get deeper overview.
The trading range for today is among key support at 106.20 and key resistance now at 110.00.
The general trend over short term basis is to the downside, targeting 97.90 as far as areas of 132.50 remain intact.
Previous Report Weekly Report
Eye on the pair
| Support | 107.60 | 107.30 | 107.05 | 106.90 | 106.20 |
|
| Resistance | 108.50 | 109.00 | 109.45 | 110.00 | 110.50 |
|
| Recommendation | Based on the charts and explanations above our opinion is, buying the pair around 107.75 targeting 109.80 and stop loss below 106.20 might be appropriate. |
Euro vs. Great British Pound (EUR / GBP)
Morning Report
The royal pair is still moving according to the bearish harmonic scenario, which is still in favor. As we discussed in the previous report, there is a probability of reaching 161.8% Fibonacci level of XA leg instead of 127% but the overbought sign, which appears on RSI 14, could prevent it from reaching 161.8% of XA leg. Therefore, we keep our overview unchanged over intraday basis, supported by the negative sign that started to appear on AROON indicator.
The trading range for today is among the key support at 0.8180 and key resistance now at 0.8420.
The general trend over short term basis is to the downside, targeting 0.7780 as far as areas of 0.8965 remain intact.
Previous Report
Weekly Report
| Support | 0.8295 | 0.8255 | 0.8235 | 0.8215 | 0.8180 |
|
| Resistance | 0.8360 | 0.8380 | 0.8400 | 0.8420 | 0.8460 |
|
| Recommendation | Based on the charts and explanations above our opinion is, selling the pair around 0.8320 targeting 0.8240 and stop loss above 0.8380 might be appropriate. |