Weekly Report 21/06 -25/ 06 / 2010
The GBP/JPY pair has found a very solid support around 38.2% Fibonacci levels as seen on the provided chart. The stable move above it supported the continuation for the bullish trend of wave C for the previous discussed Elliott count. A decisive breakout above 136.20 is needed to ease the path towards the projected technical objective for the wave at 138.60, followed by 141.40. To recap, we still believe thatfurther bullishnessmight beunderway during this week.
The trading range for this week is among key support at 129.70 and key resistance at 141.40.
The general trend over short term basis is to the downside, targeting 118.80 as far as areas of 150.75 areas remain intact.
Support134.45133.60132.50131.25130.50Resistance136.20136.80137.30138.60139.10RecommendationBased on the charts and explanations above our opinion is, buying the pair around 134.50 targeting 138.60 and stop loss below 131.25 might be appropriate.