EUR/USD Reach Target

The pair has reach the target mentioned in previous post and found support at 1.3582. The pair retrace back to 1.38 since the open of this week market. It has not been clear yet of the retracement pattern this time, but I think the down trend ain't over just yet. On daily chart above, we can see that 1.3800 area was a serious support level around June last year, and even at weekly chart we can see a clear break from 1.3800. First target is the 61.8% retracement of 1.2457 to 1.5144 at 1.3483. You can see other levels in the chart above.

GBPJPY Setup 11-01-10

Hello..this is my first post this year ;) Ok, here is my setup for GBP/JPY using hourly chart. I have a short entered at 148.30 from Friday. At this moment I am hoping to see a break below 5-day EMA. My final target is at 147.06 but there are several support levels along the way to 147.06 as shown in the chart. Stop loss should be the current top at 149.49.

USD/JPY Hourly Setup

This is my USD/JPY setup on hourly chart from last Friday. The pair has failed to sustain above 23.6% level of 101.43 to 88.00 (blue Fibonacci). Target for the retracement is around 90.33 support, which I suspect will bring another round for consolidation if not break below. Check the screenshot.

The Sterling Reach Support Area vs. Yen And Dollar

Above are Cable and GBP/JPY 4 hour charts. The British Pound had retraced and resume the fall against the Dollar and Yen since my last post. I have closed all positions now. A bounce is expected, but should be within the channel and below the broken support trendline (see charts). Below are the screenshots for both pairs before the drop (I intended to post the analysis before on Asian market but my connection failed me ;P). And don't forget to check my previous posts for mid-term downtrend target ok!

Pound Still Under Pressure, Break Below Trendline

GBP/JPY H4 Chart

GBP/USD H4 Chart

Above are GBP/JPY and Cable 4 hour chart. I added a position for each pair following those breakout signals. Target for GBP/JPY is the 161.8% Fibonacci Extension, around 146.6. As for Cable, I plan to take profit at neckline area, and then open another position if the neckline breaks. However, I suspect strong buying at those target area. Anyway, 3 and a half hours left until the market close, and I don't think those pairs will reach the target today. So we'll see how they goes next week. Have a great weekend and Happy Idul Fitri! :)

Cable Break Below, Target @ 1.6325

Above is GBP/USD 4 hour chart. The pair break its trendline after making spikes in last 3 candles. I shorted it for 1.632 area (AB projection from C), about 120 pips from current price. There are several support actually before the 1.632 which are the Fibonacci retracement levels of 1.6113 (September 1st low) to 1.6741 (September 11th high). Current high at 1.6568 will be the stop loss area.