Great British Pound vs. Japanese Yen (2009-11-03)

A classical bearish continuation pattern has been formed on the provided four-hour chart, indicating that the GBP/JPY pair is to resume the short term Elliott sequence under the negative pressure of the previous explained [C] wave. Therefore we keep our outlook to the downside over the intraday basis, supported by the bearish structure of the candlesticks. A break of 147.40 will accelerate the highly anticipated bearishness.

Trading range for today is among key support at 143.50 and key resistance at 153.40.

The general trend is to the downside as far as 167.40 remains intact with target at116.00.

Support147.40146.80146.00145.50145.00Resistance148.70149.60150.00150.50151.25RecommendationBased on the charts and explanations above our opinion is, selling the pair from 147.90 targeting 145.50 and stop loss above 149.60 might be appropriate.