Great British Pound vs. Japanese Yen (2010-12-23)

By @ibtimes on

Morning Report

The recorded low of 128.04 is the best technical proof for the efficiency of our suggested harmonic Gartley sequence-128.10 is the target of the weekly report-. As we discussed in the weekly report in details that the pattern will be changed to a crab pattern once a breakout occurs below 128.10 and AROON is showing the strength of the bearish trend. Thereby, we believe that additional descending movements will occur, sending the pair towards the PRZ ofcrab pattern at 124.35. Note that, Stochastic might cause some kind of fluctuation before resuming the southern trip

The trading range for today is among key support at 124.80 and key resistance at 131.60.

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

Support127.60127.30126.70125.50124.80Resistance129.00129.40130.00130.50131.00RecommendationBased on the charts and explanations above our opinion is, selling the pair with a daily closing below 128.10 targeting 124.35 and stop loss above 130.60 might be appropriate.

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