Technical Analysis for Crosses

Daily Forex Technicals | Written by ecPulse.com | Apr 27 09 06:19 GMT |

GBP/JPY Sterling versus Japanese yen pulled back from 38.2% Fibonacci of the CD leg of the bullish bat harmonic pattern re-testing the full correctional level whereas we think that its gathering enough momentum to move upward again as the Bollinger bands lower line is bushing the pair from below while the hourly chart on the subsidiary image shows that its obtained a good support around 140.50 with a good close above camarilla's L4 level accompanied with RSI positive signal (currently valued at 32.00). Only a break of 139.15 will damage this bullish scenario on the intraday basis. Trading range for today is among key support at 137.40 and key resistance at 147.30. The general trend is to the downside as far as 156.20.remains intact with target at 116.00. Support: 141.00, 140.25, 139.15, 138.45, 137.40 Resistance: 141.70, 142.35, 143.00, 144.25, 145.50 Recommendation: According to our analysis, buy the pair at 141.30 with targets at 144.25 and stop loss at 139.00. EUR/JPY Nothing changed on the Euro versus Japanese yen since our last report has been published except more confirmation that the first internal wave of the possible medium term (B) of the medium term Elliott sequence has been topped out at 129.25- the upper line of the minor descending channel - channel while we expect that the internal second internal might have been placed at 127.00 . Hence we are waiting for an impulsive upside wave for the time being confirmed by CCI indicator which is touching the oversold zones. Trading range for today is among key support at 123.85 and key resistance now at 131.45. 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: 127.00, 126.50, 126.00, 125.50, 124.40 Resistance: 128.30, 129.15, 130.05, 130.50, 131.00 Recommendation: According to our analysis, buy the pair at 127.50 with targets at 129.80 and stop loss at 125.50 EUR/GBP After reaching 0.9070 zones-50% Fibonacci Arc-of the rally started at 0.8637 and topped out at 0.9490, the royal pair started to show the possibility of reversal via forming a bearish harmonic pattern while the negative effects offered by De-Marker ,CCI and AC confirm this highly anticipated re-action wave . Therefore we expect that the intraday day traders should focus on the downward as far as 0.9130 remains intact as the overall structure is bearish. Trading range is among the key support 0.8815 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. Support: 0.9000, 0.8955, 0.8900, 0.8860, 0.8815 Resistance: 0.9070, 0.9105, 0.9130, 0.9180, 0.9205 Recommendation: According to our analysis, sell the pair at 0.9020 with targets at 0.8910 and stop loss at 0.9110 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