EUR/JPY is preparing for Rally 2012-04-11

Technical Outlook:
The pair has reached the downside extensions at 105.50 levels have been met sooner than it was expected. A major past support at 105.59 has been broken through on Daily Charts (please refer to the chart below). The pair is very likely to begin a counter-trend rally today. It is recommended to open long positions from here. Resistance levels are seen in points 108.50; the rallies are exppected to be capped by 109.00 levels.



Show full picture

Chart Setup and Trade Recommendations:
Looking at the chart, it is evident that the prices are stabilising at the 0.382 retracement of the rally between 97.00 and 110.50. Furthermore it has also served our downside expectations at 105.50. Bears are expected to go in for a break now, expect a rally to resume in the nearest future targetting 108.50 and 109.00 levels. It is possible that rally will be extended to 110.00 levels. The counter-rally has the potential to decline towards 102.00 levels in coming sessions, but in 3 waves. The first downside wave is expected to be completed. We need a relief counter-trend rally before we go short again.
Trade Recommendations:
Buy @ 105.60/80 levels, Stop @ 105.00/20, Target Open.

EUR/JPY - Technical Analysis and Trading Recommendations 2012-04-10

Technical Outlook:
After registering a low near 106.00, the pair has pulled back smartly as expected. Immediate resistance is between 108.00 and 108.60/70. As soon as the pull-back is over, the bearish tendency is expected to reach 105.50 and 105.00 levels (Support region) at least. As shown below, resistance level 110.00 is considered as a strong one. Intraday counter rallies are to be expected towards 107.50 and 108.60/70 levels. It is recommended to re-enter short positions at 108.60/70 levels targeting 105.50 in the near term.


Show full picture

Chart Setup and Trading Recommendations:
As it is shown on the chart, there are 2 trading counts setting up here.
1. The EUR/JPY pair has remained in a secular bearish trend, but as it is shown above, a dropping trend line has been broken and prices are retracing before resuming to the upside. Considering the current situation, we expect prices to fall down towards 102.00 levels before resumption of the movement.
2. The retracement could have ended yesterday, close to 106.00 levels and EUR/JPY is headed towards registering a new high! We recommend the following trading strategies.
Trade Setups and Recommendations: Issued earlier on April 4
1. Book profits on short positions initiated last week.
2. Short-term: Buy at 107.00-107.20, Stop at 106.00, Target at 108.60.
3. Mid-Term: Initiate Sell at 108.60, Stop at 110.00, Target at 105.50
Best wishes.

GBP/USD Weekly Technical Levels for April 9 - 13, 2012

Weekly Technical Levels:

Show full picture


Show full picture

Tip (s):

R3 and S3 are clear indicators of the maximum range for the period of extreme volatility. Nevertheless, it is still possible to break them through.
Pivot lines work well at sideways markets, as prices are most likely to be located between the R1 and S1 lines.
Within a strong trend the price will be located below the pivot point line and will continue its movement.
In case of the breaking news release that may influence the market, the price may go straight through R1 or S1 and even reach R2 & R3 or S2 & S3.

Observation (s):

• If the trend goes upwards, then the strength of the currency will be defined as: GBP is an uptrend and USD is a downtrend.
• Most of the traders use the Fibonacci retracement to determine the accurate psychological support and resistance levels.
  

GBP/USD Intraday Technical Analysis and Trading Recommendations for April 5, 2012

Show full picture
Starting from 1.5600 towards 1.6060, the GBP/USD pair is considered as bullish as it is moving within the depicted bullish channel which has been broken this current week.
The GBP/USD pair showed massive bearish reaction after testing 1.6060 level and breaking down 1.5880 the prominent support level reaching the point 1.5830 (Less important support level on the 4H chart) which may obviously affect the bulls.
The massive bearish reaction that was able to break down the lower limit of the depicted channel favours the bearish prospective rather than bullish one.
Proceeding from the former price action in the current price zone 1.5830-1.6060 we can see that the GBP/USD is probably forming a H&S reversal pattern with neckline at 1.5830 and the right shoulder that is expected to be placed around 1.5945-1.5970 which constitutes a valid low/risk SELL entry.
Breakdown above the last recorded high at 1.6062 invalidates the bearish scenario for the short-term prospective. However, a breakdown of 1.5830 will confirm the reversal pattern allowing the GBP/USD to reach 1.5777 and 1.5650.

USD/JPY Intraday Technical Levels for April 04, 2012

TODAY's TECHNICAL LEVELS:

Resistance. 3 : 83.21.
Resistance. 2 : 83.05.
Resistance. 1 : 82.88.
Support. 1 : 82.68.
Support. 2 : 82.52.
Support. 3 : 82.35.

DESCRIPTION :

Please, pay attention to the levels of support. 3 (82.35) and resistance. 3 (83.21), in general, when a level is touched, USD/JPY will rebound from the previous minimum by 10 to 20 pips, but if the levels are broken through by over 50 pips, then it will be a sign of that these currencies have found trends today.

GBP/USD Intraday Technical Analysis and (Linear Regression Channel) for April 3, 2012

Show full picture

The Linear Regression Channel for the GBP/USD currency pair reveals the following:
The GBP/USD has trended upside since last week within the Blue and Violet channels. However, the newer channels are less bullish than the Yellow one.
The pair is testing the lower limit of the Yellow channel at 1.6017 which is the key-level for the pair movement today.
Bearish Breakout outside the Yellow channel below 1.6015 opens the way to 1.3250.

USD/JPY Intraday Technical Levels for April 02, 2012

TODAY's  TECHNICAL  LEVEL : Resistance. 3 : 83.64. Resistance. 2 : 83.48. Resistance. 1 : 83.31. Support. 1 : 83.11. Support. 2 : 82.94. Support. 3 : 82.78. DESCRIPTION : Please, consider the support 3 (82.78) and resistance 3 (83.64) levels. When a level has been reached, the USD/JPY will rebound from the previous minimum by 10 to 20 pips. If the levels are broken through by over 50 pips, then it will be a sign of that these currencies have found today's trends.