Great British Pound vs. Japanese Yen (2010-07-19)

By @ibtimes on

Weekly Report (July 19 - 23)

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gbpjpy

Friday's decline was unable of breaching the key support for the upside wave, yet at the same time areas of 135.50 was very solid and have halted the continuation of the upside move. Also, areas of 132.10 remain intact against the latest downside attempts; therefore, we remain neutral for now and await more confirmations,despite our expectations for the upside rebound today of a sideway range that might control the pair's movement this week between 135.50 and 132.10, as we await a breach for either level to confirm the coming direction.

The trading range for today is among key support at 128.70 and key resistance at 136.20.

The general trend over short term basis is to the downside targeting118.80as far as areas of 150.75 areas remain intact.

Previous Report

Support132.10131.60131.25130.50129.75Resistance133.15134.25134.80135.50136.20RecommendationBased on the charts and explanations above we remain neutral until further confirmations are provided for the upcoming move

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