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GBPUSD and EURJPY Thursday Outlook

Euro-Yen Forex Outlook
Weekly	ADX continues to move higher as the pair hit as low as 159.20 near key support at 158.59/67. Trend remains on the downside as momentum now into 'oversold zone'. The pair likely to slide lower towards the nearest support with firm break could see further downwards to 155.61 area. Resistance now at 160.83 and 161.74/86 before important resistance level at 163.31.

Daily	Five consecutive days of Yen rally now closer to next target support at 155.61. Momentum continues to stay with the downtrend as ADX remains firmly above 40. Resistance at 156.96 before 158.59/67.

4-Hour	Selling mood in favor as ADX above 40 on intra-day. Support at recent low of 156.24 before 155.61. Resistance now shifted lower to 157.08 before 157.60 should turn focus back near 158.59/67 resistance. Stochastic now bounced off above 20.

Resistance Levels
169.95/99	Historic High; Psychological Barrier
167.02	78.6% Fibonacci Retracement Level 156.24 - 169.95
165.61/64	38.2% Fibonacci Retracement Level 169.95 - 158.59; 23.6% Fibonacci Retracement Level 169.95 - 151.70
165.43	Weekly Pivot R3
164.71	61.8% Fibonacci Retracement Level 156.24 - 169.95
164.10/27	Weekly Pivot R2; 50.0% Fibonacci Retracement Level 169.95 - 158.59
163.10	50.0% Fibonacci Retracement Level 156.24 - 169.95
162.93/98	61.8% Fibonacci Retracement Level 169.95 - 158.59; 38.2% Fibonacci Retracement Level 169.95 - 151.70
161.86	Weekly Pivot R1
161.48	38.2% Fibonacci Retracement Level 156.24 - 169.95
160.83	50.0% Fibonacci Retracement Level 169.95 - 151.70
160.53	Weekly Pivot
159.48	23.6% Fibonacci Retracement Level 156.24 - 169.95
158.59/67	05 May Low; 61.8% Fibonacci Retracement Level 169.95 - 151.70
158.29	Weekly Pivot S1
156.96	Weekly Pivot S2
Support Levels
155.61	78.6% Fibonacci Retracement Level 169.95 - 151.70
154.72	Weekly Pivot S3
151.70	20 March Low

FX Operator Forex Blitz 2 Trading System

Pound-Dollar Forex Outlook
Weekly	Cable continues to come under attack as price now below long term 61.8% Fibonacci level which now turns as resistance. Further downside could be seen towards 1.7913/29 before 1.7421. Resistance now at 1.8303/29/32 and as long price stay below 1.9398, the downtrend is likely to continue.

Daily	No surprise as GBPUSD continue to go lower and now just above confluence support at 1.7635/54. ADX re-affirmed its position above 40 as no sign of strong retracement yet. Stochastic into oversold zone. Upside resistance at 1.8096 and 1.8362 as important resistance with break above should re-test 1.8792 high.

4-Hour	Mild recovery from 1.7666 with stochastic now above 50. Bias continues to stay on the downside with ADX unchanged above 40 indicates that the strength of the trend is strong. Resistance now at same levels on the daily with first resistance at 1.7932.

Resistance Levels
2.1160	09 November 2007 High
2.0412	78.6% Fibonacci Retracement 1.7666 - 2.1160
2.0190	23.6% Fibonacci Retracement 2.1160 - 1.7049
2.0156	15 July High
1.9825	61.8% Fibonacci Retracement 1.7666 - 2.1160
1.9623	78.6% Fibonacci Retracement 1.7666 - 2.0156
1.9590	38.2% Fibonacci Retracement 2.1160 - 1.7049
1.9413	50.0% Fibonacci Retracement 1.7666 - 2.1160
1.9395	23.6% Fibonacci Retracement 2.1160 - 1.3681
1.9205	61.8% Fibonacci Retracement 1.7666 - 2.0156
1.9105	50.0% Fibonacci Retracement 2.1160 - 1.7049
1.9001	38.2% Fibonacci Retracement 1.7666 - 2.1160
1.8902/11	Weekly Pivot R3; 50.0% Fibonacci Retracement 1.7666 - 2.0156
1.8745	Weekly Pivot R2
1.8617/19	38.2% Fibonacci Retracement 1.7666 - 2.0156; 61.8% Fibonacci Retracement 2.1160 - 1.7049
1.8486/91	Weekly Pivot R1; 23.6% Fibonacci Retracement 1.7666 - 2.1160
1.8303/29	38.2% Fibonacci Retracement 2.1160 - 1.3681; Weekly Pivot
1.8254	23.6% Fibonacci Retracement 1.7666 - 2.0156
1.8070	Weekly Pivot S1
1.7913/29	Weekly Pivot S2; 78.6% Fibonacci Retracement 2.1160 - 1.7049
Support Levels
1.7635/54	138.2% Fibonacci Extension H2.1160 L1.9336 R2.0156; Weekly Pivot S3
1.7446	161.8% Fibonacci Extension H2.1160 L1.9336 R2.0397
1.7421	50.0% Fibonacci Retracement 2.1160 - 1.3681
1.7205	161.8% Fibonacci Extension H2.1160 L1.9336 R2.0156
1.7049	28 November 2005 Low
1.6538	61.8% Fibonacci Retracement 2.1160 - 1.3681
1.5282	78.6% Fibonacci Retracement 2.1160 - 1.3681
1.3681	12 June 2001 Low

The above technical analysis were based on FX Operator Forex Blitz 2. To get a copy of this profitable trading system, please click here.

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