Technical Analysis

GBP/JPY


The daily closing that occurred on Friday -secondary image- supports our captured short term Elliott sequence while the GBP/JPY pair is forming the [A] wave as seen on our provided four-hour chart. The technical target of the aforesaid wave resides around 146.40. Hence we keep our overview to the downside on the intraday basis. A slight correction may occur before resuming the downside rally. Momentum and trend indicators support our overview.

Trading range for today is among key support at 143.90 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: 149.00, 148.20, 147.40, 146.40, 145.50

Resistance: 150.00, 150.60, 151.20, 151.90, 152.45

Recommendation: Based on the charts and explanations above our opinion is, selling the pair from 150.00 targeting 147.40 and stop loss above 152.00 might be appropriate

EUR/JPY


The secondary image shows how the EUR/JPY pair is currently forming a bearish candlestick formation that may assist it to activate the fifth wave of the Elliott sequence. Therefore we keep our overview to the downside on the intraday basis. The technical target of our proposed [A] wave is currently located at 134.85 zones. Indicators support the scenario.

Trading range for today is among key support at 134.15 and key resistance now at 140.50.

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: 137.30, 136.70, 136.10, 135.50, 134.85

Resistance: 138.20, 138.55, 139.00, 139.25, 140.00

Recommendation: Based on the charts and explanations above our opinion is, selling the pair from 138.20 targeting 136.10 and stop loss above 140.00 might be appropriate.

EUR/GBP


The pair is approaching the second technical target of the bullish scenario at 0.9260 after the acceleration occurred ahead of Friday's closing, supporting our detected Elliott waves count as seen on the chart above. Now, internal corrective waves may occur but it will not cancel the positive scenario of the intraday basis. The previous discussed harmonic pattern on Stochastic still supports our outlook.

The trading range is among the key support at 0.9030 and key resistance now at 0.9420.

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: 0.9190, 0.9130, 0.9105, 0.9070, 0.9030

Resistance: 0.9260, 0.9300, 0.9340, 0.9400, 0.9420

Recommendation: Based on the charts and explanations above our opinion is, buying the pair from 0.9190 targeting 0.9300 and stop loss below 0.9105 might be appropriate.