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EUR JPY returns to the channel 16/1/2013
The pair achieved a clear collapse to reach the waited level around 117.80 surpassing this level to accomplish 117.50, to settle generally inside the breached bullish channel at 118.30
The price is approaching currently from 50% Fibonacci at 116.90 to form a support against the price decline to make us expect the limitation of the price within the channel, among the resistance level 118.30 and the moving average at 115.20.
Expected trading range is between 118.30 and 115.20
Expected trend: bearish
GBP JPY approaches from the support 16/1/2013
The pair continued the decline in correctional bias reaching to 141.45 since the morning trading.
We remain in our previous expectation for continuing the bearishness to reach the bullish channel support level at 139.90 which is supported by the moving average as shown in the enclosed chart.
We must mention that breaking the support level makes the price keep moving to the downside to accomplish a new negative level reaches 138.10 and extends to reach 136.10.
Expected trading range is between 140.00 and 142.80
Expected trend: bearish
The resistance forces platinum to bounce 16/1/2013
Platinum achieved 1702.00 level to hit the first waited target to act as a resistance against more positivity until this moment.
We noticed that the price bounced near 1665.00 since the morning trading to settle generally positively if 1600.00 remained stable as a support level to expect reviving the positivity to reach 1735.0 as a new target.
Expected trading range is between 1635.00 and 1730.00
Expected trend: bullish
Copper keeps the stability 16/1/2013
Copper remains stable between the support level at 3.4800 and 3.7400 resistance to settle in sideways range until this moment.
The support level stability makes us continue in expecting the positivity during the near and medium period because of the limitation of the price inside the bullish channel to reach the resistance level again followed by 3.9300 as a target for the bullish bias.
We notice the stability above the moving average to support the positive attempts for today’s trading.
Expected trading range is between 3.5500 and 3.9300.
Expected trend: bullish