Great British Pound vs. Japanese Yen (2009-11-19)

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Morning report

The GBP/JPY pair has been able to breach the uptrend line-colored in red- seen on our provided daily chart, which has changed our bullish outlook since the weekopeneing. Coming beneath 23.6% Fibonacci level, accompanied by obvious bearish candlestick formation declared that the CD leg of our suggested harmonic [Bat] pattern is in progress. Thus the intraday outlook is to the downside, supported by negative crossover appearing on Stochastic.

Trading range for today is among key support at 143.60 and key resistance at 154.60.

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

Support148.60147.85147.40146.80146.30Resistance149.35150.00150.60151.25151.75RecommendationBased on the charts and explanations above our opinion is, selling the pair from149.30 targeting 146.90 and stop loss above 151.25 might be appropriate.

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