Technical Cross Report
Date: Wednesday, February 22, 2012
Last Update: 11:47:47 GMT
 

Great British Pound vs. Japanese Yen (GBP/JPY)

Midday Report

gbpjpy22_02_2012_02 

The pair reached the retest level at 125.75 and attempts now to rebound to the upside. Therefore, our morning scenario is activated now and remains valid for the rest of the session today.

The trading range for today is among the major support at 125.00 and the major resistance at 128.40.

The short-term trend is to the downside as far as 150.00 remains intact targeting 112.00.

Previous Report

Weekly Report
  
Support 125.75 125.00 124.60 123.85 123.20
 
Resistance 126.55 127.00 127.35 128.40 129.50
  
Recommendation Our morning expectations remain valid
  

EURO vs. Japanese Yen (EUR/JPY)

Midday Report

eurjpy22_02_2012_02 

The pair was able to breach the level of 106.00, followed by a 4-hour closing above it, which activates our morning scenario, which also remains valid for the rest of the session today, supported by SMA 50 from below.

The trading range for today is among the major support at 104.25 and the major resistance at 108.10.

The short-term trend is to the downside as far as 123.30 remains intact, targeting 94.80.

Previous Report

Weekly Report
  
Support 106.00 105.55 105.00 104.25 103.25
  
Resistance 106.70 107.30 108.10 108.80 109.00
  
Recommendation Our morning expectations remain valid
  

EURO vs. Great British Pound (EUR/GBP)

Midday Report

eurgbp22_02_2012_02 

The pair attempted to breach the pivotal resistance at 0.8425, but it failed to provide 4-hour closing above it. Therefore, the activation of our suggested scenario is still incomplete. Therefore, our morning scenario remains valid, awaiting the pair to breach one of the mentioned levels between the supported of 0.8285 and the resistance at 0.8425.

The trading range for today is among the major support at 0.8200 and the major resistance at 0.8480.

The short-term trend is to the upside as far as 0.8170 remains intact, targeting 1.0370.

Previous Report

Weekly Report
   
Support 0.8345 0.8345 0.8345 0.8345 0.8345
  
Resistance 0.8425 0.8425 0.8425 0.8425 0.8425
    
Recommendation Based on the chart and explanations above, our opinion is buying the pair with 4-hour closing above 0.8425, targeting 0.8550 and then 0.8660 and stop loss with 4-hour closing below 0.8340 might be appropriate. Or selling the pair with 4-hour closing below 0.8285, targeting 0.8170 and then 0.8100 and stop loss with 4-hour closing above 0.8340 might be also appropriate.