Great British Pound vs. Japanese Yen (2009-12-29)

By IBTimes Staff Reporter | December 29 2009 1:00 AM

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The Mixture between our suggested Elliott count and harmonic studies proves that, the GBP/JPY pair is on its way to form potential reversal zones for a harmonic AB=CD pattern around [147.40-147.80], where the 2nd wave is to be placed and the [IM] 3rd is to start. Thus; we keep our intraday outlook to the downside.

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.

Support146.20145.60145.00144.15143.60Resistance147.40147.85148.30149.00149.35RecommendationBased on the charts and explanations above our opinion is, selling the pair from 147.40 targeting 145.60 and stop loss above 148.75 might be appropriate.

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