Technical Analysis for Crosses

Daily Forex Technicals | Written by ecPulse.com | Apr 28 09 06:30 GMT |

GBP/JPY Sterling versus Japanese yen is still struggling to build the technical base to move towards its expected upside action while the (PRZ) of the bullish bat harmonic pattern is still in progress above 61.8% Fibonacci- valued at 139.15- of the rally started at 131.45 and was topped out at 151.50. Therefore we expect that the pair will be show an upside wave on the intraday basis depending on the hourly positive signals appearing on the Stockstick and RSI-currently valued at 30.00-above L5-strong support- of Camarilla hourly studies. Only a break of 138.20 will damage this bullish prediction. Trading range for today is among key support at 135.50 and key resistance at 145.70. The general trend is to the downside as far as 156.20.remains intact with target at 116.00. Support: 139.80, 139.15, 138.45, 137.35, 136.50 Resistance: 141.00, 141.70, 142.25, 143.00, 144.25 Recommendation: According to our analysis, buy the pair at 140.20 with targets at 143.00 and stop loss at 138.00. EUR/JPY The possibility of forming the medium term (A) leg of the previous discussed Elliott sequence of the rally started at 111.96 and was topped out at 137.50 zones is increasing gradually via 5 internal wave's structure inside the minor descending channel but actually the heavy positive divergence which is now under preparation as shown on the above chart is in need of long white candle to indicate that the reactionary 3 waves-will be treated as bigger (B) - of the whole anticipated Zigzag(5-3-5) correction. So that we expect an upside action on the intraday basis as far as far as 123.30 remains unbroken. Trading range for today is among key support at 121.50 and key resistance now at 128.30. 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: 124.50, 123.80, 123.10, 122.75, 122.35 Resistance: 125.35, 126.00, 126.50, 127.30, 128.25 Recommendation: According to our analysis, buy the pair at 124.90 with targets at 127.30 and stop loss at 122.75. EUR/GBP The royal pair has respected all negative signs we mentioned in our yesterday's report reaching our target around 0.8900 zones- Check it here- from where it started to show a potentiality of upside correctional actions via forming a bullish candlestick formation that's pushing it above the previous consolidation area, De-Marker, CCI and AC confirm this highly expected re-action while Fractals indicates the possibility that the intraday low might have been already limited at 0.8890. Trading range is among the key support 0.8760 and key resistance now at 0.9130. 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: 0.8900, 0.8865, 0.8815, 0.8765, 0.8720 Resistance: 0.8960, 0.9000, 0.9030, 0.9070, 0.9130 Recommendation: According to our analysis, buy the pair at 0.8930 with targets at 0.9020 and stop loss at 0.8850. 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