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Forex4you Technical Analysis 30 March 2011

Discussion in 'Technical Analysis' started by forex4you, Mar 30, 2011.

  1. forex4you

    forex4you New Member

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    EUR/JPY: technical analysis
    This pair has rallied strongly reaching the 117s and breaking through the neckline of an inverse head and shoulders pattern. The pair is looking bullish; the H&S price target is 126.60, and the target on the long term 3 x 0.5 point and figure chart is 126.30. Although resistance at 119.75 may provide a closer initial upside target.

    Shorter term, however, the pair looks overstretched. All the targets on 3 x 0.05 have been met and the target for the breakout of the consolidation range has also been met. There may be a little bit of correction back to the neckline at 116.35 before the rally resumes.

    USD/JPY: technical analysis
    The price has finally escaped from a long term consolidation 81.10/80.70 range and recommenced its growth. It has already ascended to 83.10 level. Down trend channel (blue) line breakout gives reasons to expect further growth, especially taking into account that indicators are now turned up. However, several significant resistance levels are standing in the way right now, so there is also a chance, that they may trigger a reversal down. If "bulls" manage to breach resistance 84.10 – 83.10 range, growth will most likely proceed to levels 87.00/88.00. Decline below 81.90/60 level will initiate another reversal to 80.00/79.80 support line.

    GBP/USD: technical analysis
    The price continued consolidating within a narrow range and tested support 1.5930/40 level again. Trading has recently pulled back upwards, so the price currently resides at the correction range's resistance 1.6040/50 level. No changes have been made yet, although indicators have turned upwards, suggesting a changing of the trend. Previous forecasts still apply - a pull back up is likely to continue as a part of correction, probably expanding 1.6100-1.6150 resistance range, which looks to be rather strong. Growth and fixation above level 1.6220/30 would mean a transition towards the "bullish" trend. If support 1.5930 level is breached, the next support is seen at 1.5840/50.

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    Analysis by: Joaquin Monfort
    Forex4you analyst

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