Great British Pound vs. Japanese Yen (2011-01-19)

By @ibtimes on

Morning Report

gbpjpy19

After rebounding from the resistance areas of 132.50, we remind of the suggested weekly scenario and compare it to yesterday's report where the pair is trading above the harmonic line. Therefore, over intraday basis we remain neutral awaiting confirmations for our weekly expectations, with stability above the harmonic line drawn in red above and breaching 132.50 resistance, or it will prove its strength to pressure the pair lower once again. In general, we maintain our weekly expectations.

The trading range for today is among key support at 128.30 and key resistance at 134.20.

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

Previous Report

Weekly Report

Support131.20130.50130.00129.80129.00Resistance132.00132.50133.15133.60134.20RecommendationBased on the charts and explanations above, we remain neutral and recommend observing the pair around 132.50 areas to confirm the continuation of our weekly expectations

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