Great British Pound vs. Japanese Yen (2010-02-19)

The pair declined below the lower line of the ascending channel that controls the harmonic movements, seen on the four-hour chart. Coming beneath SMA 50-colored in red- might ease the way to retarget 140.90 followed by the technical target of the duplicated bearish harmonic formationat 139.25 zones. Thus; potential bearishness could be seen over intraday basis.

The trading range for the week is among key support at 137.40 and key resistance at 145.50.

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

Weekly Report Previous Report

Support140.90140.50140.00139.25138.60Resistance141.90142.50143.25143.60144.15RecommendationBased on the charts and explanations above our opinion is, selling the pair from 141.90 targeting 139.70 and stop loss above 143.65 might be appropriate.