Technical Analysis for Crosses
The GBP/JPY is still attacking the upper line of our suggested CT corrective structure very strongly and at the same time where Stochastic has just completed a bullish harmonic formation, accompanied by positive crossover. Thereby, we still see chances for completing the previous explained Elliott count. A break of 134.80 will clear the path for the pair to reach 136.20 areas, followed by 137.30. Note that, areas of 130.50 should hold to keep the proposed positive scenario valid.
The trading range for this week is among key support at 128.70 and key resistance at 138.60.
The general trend over short term basis is to the downside, targeting 118.80 as far as areas of 150.75 areas remain intact.
Support: 133.15, 132.50, 131.25, 130.50, 129.75
Resistance: 134.25, 134.80, 135.50, 136.20, 136.80
Recommendation Based on the charts and explanations above our opinion is, buying the pair around 133.15 targeting 137.30 and stop loss below 130.50 might be appropriate.
The pair succeeded in penetrating the Fibonacci level of 23.6% for the descending rally that started at 125.95 zones and was bottomed out at 107.25 areas, seen on the provided daily chart. The recently established secondary ascending channel could send the pair upwards towards 38.2% Fibonacci at 114.40 zones. AROON crossed over positively while RSI 14 moved to the upside during the previous week but it still has northern targets to be reached. Therefore, potential upside movements could be witnessed during this week.
The trading range for this week is among key support at 107.25 and key resistance now at 115.75.
The general trend over short term basis is to the downside, targeting 97.90 as far as areas of 132.50 remain intact.
Support: 111.60, 111.35, 110.50, 110.00, 109.45
Resistance: 112.80, 113.15, 114.00, 114.40, 115.75
Recommendation Based on the charts and explanations above our opinion is, buying the pair around 111.65 targeting 114.40 and stop loss below 109.45 might be appropriate.
The royal pair inclined sharply in the past week as seen on the provided weekly chart, affected by the solid support that it found around the lower line of the descending channel and we still see chance for achieving further bullishness during this week; depending on the positive weekly candlestick structure. RSI 14 is still moving upwards while AROON down-colored in red is hitting the value of 70.00.These technical facts are to add further confirmation for our scenario. A break of 0.8400 could accelerate the move towards 0.8490 zones.
The trading range for this week is among the key support at 0.8180 and key resistance now at 0.8570.
The general trend over short term basis is to the downside, targeting 0.7780 as far as areas of 0.8965 remain intact.
Support: 0.8330, 0.8295, 0.8255, 0.8205, 0.8140
Resistance: 0.8400, 0.8420, 0.8470, 0.8500, 0.8565
Recommendation Based on the charts and explanations above our opinion is, buying the pair around 0.8355 targeting 0.8500 and stop loss below 0.8260 might be appropriate