Great British Pound vs. Japanese Yen (2010-07-29)

In line with our yesterday's scenario, the pair moved mildly downwards in order to relieve Stochastic indicator and that happened and to re-test the broken upper line of the suggested CT formation and that is what is happening right now. All what we need now is a positive crossover on Stochastic to be able to say that the correction is over. The allover structure of Elliott cycle is still bullish and therefore, we see that the bullishness might control the movements over intraday basis

The trading range for today is among key support at 133.15 and key resistance at 140.00.

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

Support135.50135.00134.80134.20133.60Resistance136.80137.30138.40139.10139.75RecommendationBased on the charts and explanations above our opinion is, buying the pair around 136.00 targeting 138.40 and stop loss below 134.10 might be appropriate.