Great British Pound vs. Japanese Yen (2011-01-21)

By @ibtimes on

Morning Report

gbpjpy21

Trading is steady above 76.4% correction, the extended harmonic target; and also trading above the main harmonic resistance shown above. According to the harmonic school, this case supports the likelihood of testing the C top and maybe the A top. Therefore, we expect further upside movement for today;Stochastic is overbought, which might support mixed and volatile trading and probably a slight downside correction.

The trading range for today is among key support at 129.00 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.

Support131.20130.50130.00129.80139.00Resistance132.00132.50133.15133.60134.20RecommendationBased on the charts and explanations above, our opinion is buying the pair around 131.20 targeting 134.20 and stop loss below 130.00 might be appropriate

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