Technical Analysis for Crosses

Daily Forex Technicals | Written by ecPulse.com | Mar 27 09 07:11 GMT |

GBP/JPY Sterling versus Japanese yen is still moving according to our bearish harmonic scenario while Bands supported this negative overview as we mentioned in our yesterday's mid-day report but actually the weakness appearing on the Japanese currency itself is slowing down this highly expected bearish action but still there are new signs appearing on the price by forming bearish candlestick pattern inside the proposed descending channel and moving below DEMA. Hence we think that the pair will reach the 2nd target of the mentioned pattern around 139.25 zones if it succeeded to breach 141.50 clearly in its second technical attempt. Trading range for today is among key support at 138.15 and key resistance at 148.70. The general trend is to the downside as far as 148.70 remains intact with target at 116.00 Support: 141.70, 141.00, 140.00, 139.25, 138.15 Resistance: 143.00, 143.85, 144.60, 145.00, 145.65 Recommendation: According to our analysis, we believe that it is good to sell the pair at 142.25 with targets at 139.75 and stop loss at 144.00. EUR/JPY Euro versus Japanese yen is moving in a sideways channel as we see on the hourly chart appearing on the left side of the 4 h chart which indicates the impulsive 5 waves sequence since (Feb 2nd-2009) which placed a high around 134.50 areas. This whole wave is the third one inside the whole rise started at 111.96(21st Jan. 2009) claiming that an A-B-C (reactionary wave) is under construction for the time being targeting the lower line of the whole channel forming the default 4th wave. All what is needed now to confirm this bearish overview is a break out below 132.50 areas. Trading range for today is among key support at 128.00 and key resistance now at 135.50. 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: 132.75, 132.00, 131.45, 130.95, 130.05 Resistance: 133.60, 134.25, 134.85, 135.50, 136.00 Recommendation: According to our analysis, we believe that it is good to sell the pair again at 133.25 with targets at 131.25 and stop loss at 135.00. EUR/GBP Despite all these upside actions, the royal pair is still forming the previous mentioned left shoulder of the anticipated classical bearish pattern so that we didn't change neither our intraday nor the short term trading overview towards testing the projected neck line around 0.9200 zones as shown on the above chart. Now we expect a reversal pattern around the current areas at 0.9400 while indicators are showing over bought signals. Trading range is among the key support 0.9160 and key resistance now at 0.9560. 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: 0.9350, 0.9310, 0.9280, 0.9260, 0.9205 Resistance: 0.9420, 0.9455, 0.9480, 0.9530, 0.9600 Recommendation: According to our analysis, we believe that it is good to sell the pair at 0.9400 with targets at 0.9310 and stop loss at 0.9480. Ecpulse disclaimer: The content of ecPulse.com and any page in the website contain information for investors/traders and is not a recommendation to buy or sell currencies, stocks, gold, silver & energies, nor an offer to buy or sell currencies, stocks, gold, silver & energies. The information provided reflects the writers' opinions that deemed reliable but is not guaranteed as to accuracy or completeness. ecPulse is not liable for any losses or damages, monetary or otherwise that result. I recommend that anyone trades currencies, stocks, gold, silver & energies should do so with caution and consult with a broker before doing so. Prior performance may not be indicative of future performance. Currencies, stocks gold, silver &energies presented should be considered speculative with a high degree of volatility and risk