Great British Pound vs. Japanese Yen (2009-12-24)

on December 24 2009 1:18 AM

Morning Report

width=640

The pair declined, forming a minor bearish channel that organizes the movements below 61.8% Fibonacci level. Meanwhile, movements are very slow due to the lack of volumes, but we still see that the flat correction of our detected Elliott count is still in progress.Therefore, we keep our intraday outlook to the downside over intraday basissince this correction is to be seen as the completion of the second wave over short term basis.

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.

Support145.50145.00144.15143.60142.70Resistance146.65147.00147.40148.00148.60RecommendationBased on the charts and explanations above our opinion is, selling the pair from 146.45 targeting 144.15 and stop loss above 148.20 might be appropriate.

More News from IBT MEDIA