Weekly Report 14/06 -18/ 06 / 2010

The internal count of the C wave for the proposed Elliott count of short term basis shows that the first wave of it was completed earlier, while the pair is presently forming a corrective second wave. We all know that the C wave should consist of five waves. Thus; we still think that the upside rally which we explained several times before is still in favor and thus; more bullishness is awaited during this week. You can review our classical point of view by clicking on the link below.

The trading range for this week is among key support at 129.70 and key resistance at 138.60.

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

Previous Report

Classical GBP/JPY

Support133.60133.15132.50131.50131.00Resistance134.90135.50136.80137.30138.60RecommendationBased on the charts and explanations above our opinion is, buying the pair around 133.15 targeting 138.50 and stop loss below 130.00 might be appropriate.