GBP/JPY
The pair is fluctuating around the breached descending trend line which is currently a support and below the 50-days Moving Average, while a possible short term bullish falling wedge may be forming in addition to the positivity on stochastic, therefore we anticipate a breach above 121.75 again to expect an intraday bullish move for today.
The trading range for the day may be among the 119.00 support and 123.00 resistance.
The short term trend is to the downside targeting 122.00 so long as 150.00 remain intact.
EUR/JPY
The pair is attempting to the upside again, trying to breach the 104.35 level, where trading continues to be capped by the 50-days Moving average, at the same time a short term bullish technical pattern was breached lately as shown above, while stochastic is supporting the bullish bias, therefore, we expect an intraday bullish move if 104.40 was taken targeting mainly the 50 days average followed by the latest high at 105.70
The trading range for the day may be among the 102.45 support and 105.70 resistance.
The short term trend is to the downside targeting 94.80 so long as 123.30 remain intact.
EUR/GBP
The pair rallied yesterday to reach our first target at 0.8600, currently stochastic is near oversold areas, while the short term side-ways range for the pair remains intact capped by 0.8650-0.8660 from upside and 0.8525 from the downside. at the current level we anticipate acquiring our second target for yesterday near 0.8650 areas however we will stay on the sideline today as the risk-reward ratio is relatively high.
The trading range for the day may be among the 0.8500 support and 0.8640 resistance.
The short term trend is to the upside targeting 1.0370 so long as 0.8165 remain intact.
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The Forming of a Bullish Falling Wedge
Published 12/07/2011, 04:15 AM
Updated 07/09/2023, 06:31 AM
The Forming of a Bullish Falling Wedge
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