Weekly Report 01-05 / 03 / 2010
The secondary image shows how the GBP/JPY pair has collapsed downwards during the previous week; supporting our previous discussed Elliott count. We believe thatpossible bearishness could be seen during this week, in order to resume the IM structure over short term basis. SMA 50 and SMA100 are acting as a ceiling for the anticipated negative scenario.
The trading range for this week is among key support at 129.75 and key resistance at 140.50.
The general trend is to the downside as far as 167.40 remains intact with target at116.00.
|Recommendation||Based on the charts and explanations above our opinion is, selling the pair from 136.20 targeting 131.70 and stop loss above 139.20 might be appropriate|