Great British Pound vs. Japanese Yen (2010-06-02)

The bigger scenario came back into focus as we see on the weekly chart that a bearish channel controls the movements for the time being and it represent the bearish IM fifth wave for the suggested Elliott count. The pair is presently facing a pivotal resistance while forming a bearish candlestick formation on the four-hour chart-secondary image-. Hence possible bearish actions could be witnessed over intraday basis, supported by Stochastic indicator.

The trading range for today is among key support at 129.70 and key resistance at 136.80.

The general trend over short term basis is to the downside, targeting 118.80 as far as areas of 150.75 areas remain intact.

Weekly Report Previous Report

Support133.60132.35131.25130.50130.00Resistance134.25134.90135.50136.20136.80RecommendationBased on the charts and explanations above our opinion is, selling the pair from 134.25 targeting 132.00 and stop loss above 136.25 might be appropriate.