Great British Pound vs. Japanese Yen (2010-01-07)

The pair achieved strong inclines yesterday, respecting the bullish signs that we explained in yesterday's reports. Now, a classical [head and shoulders top] pattern as seen on the provided chart, indicates that the intraday outlook is to be changed to the downside on the intraday basis. The neckline of the reversal classical pattern resides around 147.15 zones. SMA 20-colored in red- supports our today's overview.

Trading range for the week 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.

Weekly Report

Support146.80146.20145.50145.00144.15Resistance147.40148.00148.60149.35150.00RecommendationBased on the charts and explanations above our opinion is, selling the pair with a breakout below 147.15 targeting 145.50 and stop loss above 148.60 might be appropriate.