Great British Pound vs. Japanese Yen (2009-12-21)

In accordance with our recently captured Elliott cycle, shown on the hourly chart, we think that the impulsive downside-third wave- is in progress for the time being as we believe that, two waves have been formed already. Thus, potential downside movements are to be seen on the intraday basis, supported by the bearish sign appearing on Stochastic. A break of 145.50 will accelerate this scenario.

Trading range for today is among key support at 141.50 and key resistance at 151.60.

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

Eye on GBP/JPY pair -click here-.

Support145.50145.00144.15143.50142.25Resistance146.20147.00147.40148.00148.30RecommendationBased on the charts and explanations above our opinion is, selling the pair from 145.90 targeting 143.50 and stop loss above 147.80 might be appropriate.