Great British Pound vs. Japanese Yen (2011-01-07)

By @ibtimes on

Morning Report

The pair is trapped within a tight range since yesterday, but it is clear from the price behaviors that it is trending downwards; hence, the negative effect of the suggested bearish harmonic crab pattern is still in favor and more downside actions could be witnessed over intraday basis, supported by the following technical factors:

  • The bearish candlestick formation over daily basis-secondary image-.
  • RSI 14 is still moving within overbought areas.
  • AROON started to give off a bearish sign.

The trading range for today is among key support at 125.50 and key resistance at 132.60.

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

Support128.40127.30126.80126.25125.50Resistance129.00129.40130.00130.50131.05RecommendationBased on the charts and explanations above our opinion is, selling the pair with a breakout below 128.50 targeting 126.20 and stop loss above 130.00 might be appropriate.

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