Great British Pound vs. Japanese Yen (2012-02-01)

Morning Report

The pair is still trading sideways as shown above between 119.60 and 120.50, which postpone the confirmation of the pair's next move. SMA 50 forces downside pressures on the pair, while Stochastic approaches oversold areas. In general, we remain neutral now, observing the pair's behavior around these critical levels, where a breach of 119.60 will lead the pair to trade again within the previously breached descending channel, while a breach of 120.50 could extend the upside correction further.

The trading range for today is among the major support at 118.35 and the major resistance at 122.25.

The short-term trend is to the downside as far as 150.00 remains intact targeting 112.00

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