Great British Pound vs. Japanese Yen (2010-07-07)

The pair is still moving within a narrow range since yesterday but we see how it stabilized above 23.6% Fibonacci level for the descending rally from 145.95 to 126.70. We still think that the pair is preparing for achieving potential upside actions over intaraday basis, depending on the suggested Elliott structure of CT contracting triangle of wave B, as the pair might start wave C as it is presently under preparation.

The trading range for today is among key support at 128.60 and key resistance at 135.50.

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

Support132.00131.60131.25130.50129.80Resistance133.15134.25134.80135.50136.20RecommendationBased on the charts and explanations above our opinion is, buying the pair with a breakout above 132.50 targeting 135.30 and stop loss below 130.50 might be appropriate.