Great British Pound vs. Japanese Yen (2010-12-03)

By @ibtimes on

Morning Report

With a bearish engulfing candlestick pattern, the pair succeeded in breaching the lower line- support- of our yesterday's caught rising wedge pattern as seen on the subsidiary image. This sustained breakout argues us to hold onto the bearish anticipations over intraday basis, supported by the bigger picture of Elliott count over weekly basis and the negative sign of Stochastic. A new breakout below the psychological levels of 130.00 will be able to bring panic sell-off actions towards the key support levels around 128.40.

The trading range for today is among key support at 127.60 and key resistance at 134.20.

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

Weekly Report

Support130.00129.25128.40127.60126.70Resistance131.00131.60132.50133.15133.65RecommendationBased on the charts and explanations above our opinion is, selling the pair around 131.00 targeting 128.70 and stop loss above 132.80 might be appropriate.

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