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Monday, 08 September 2008
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Home arrow Trading 101 arrow FXO Market Analysis arrow Yen rally against Euro as Pound is contained below 1.9967
Yen rally against Euro as Pound is contained below 1.9967 PDF Print E-mail
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Tuesday, 01 July 2008

Euro-Yen Daily Forex Outlook

Neutral

Euro Yen EURJPYRejection with a long shadow above 38.2% retracement after the first trading day this week; outlook is flat with upside still intact as long as 166.50 level holds with break below should see price move lower towards 164.67; upside resistance at 169.45 before 169.98 (38.2% extension from 167.03)

Daily Resistance Levels
171.8161.8% Fibonacci Extension Level (possible strong resistance)
170.9050% Fibonacci Extension Level
169.9838.2% Fibonacci Extension Level from 167.03
169.45Historic High; Week 26 High; 26 June High
Daily Support Levels
166.7719 June Low
166.5038.2% Fibonacci Retracement Level from 169.45
165.5950% Fibonacci Retracement Level
164.6761.8% Fibonacci Retracement Level
164.45Ascending Trend Line Weekly Support
162.6738.2% Fibonacci Weekly Retracement Level from 169.45
161.72
100% Fibonacci Retracement; Week 23 Low
Euro-Yen 4-Hour Forex Outlook

Neutral

Momentum is flat as oscillators turned higher; bears must protect 168.16 for the downside rally to continue; break below 166.50 should re-test yesterday low at 166.07
4-Hour Resistance Levels
169.45100% Fibonacci Retracement; Historic High
168.58
Possible Resistance Level
168.1661.8% Fibonacci Retracement Level
167.7650% Fibonacci Retracement Level
167.36 38.2% Fibonacci Retracement Level from 166.07
4-Hour Support Levels
166.5038.2% Daily Fibonacci Retracement Level
166.0730 June Low
165.59Key Intra-day Support Level (50% Fibonacci Daily Retracement Level)
164.95Key Support Level
164.45Ascending Trend Line Weekly Support

Pound-Dollar Daily Forex Outlook

Uptrend

Pound Dollar GBPUSDDaily outlook is bullish but was contained around 1.9967 before re-test of 21 April High of 2.0025; downside support now at 1.9820 level with break below 1.9730 would turn the outlook neutral

Daily Resistance Levels
2.019727 March 2008 High
2.0113138.2% Fibonacci Extension Level
2.003338.2% Fibonacci Weekly Retracement Level
2.002521 April 2008 High
1.9967100% Fibonacci Extension Level from 1.9585
Daily Support Levels
1.982038.2% Fibonacci Retracement Level from 1.9965
1.977550% Fibonacci Retracement Level
1.973061.8% Fibonacci Retracement Level
1.9621Possible Support Level
1.958523 June 2008 Low
Pound-Dollar 4-Hour Forex Outlook

Neutral

Intra-day MACD pointing low momentum now flat; upside resistance still at 1.9967; downside support at 1.9879; outlook is choppy at the moment
4-Hour Resistance Levels
2.003338.2% Fibonacci Weekly Retracement Level
2.002521 April 2008 High
1.9967100% Fibonacci Extension Level from 1.9585
4-Hour Support Levels
1.987930 June Low
1.982038.2% Daily Fibonacci Retracement Level
1.977550% Daily Fibonacci Retracement Level
1.973061.8% Daily Fibonacci Retracement Level

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