Great British Pound vs. Japanese Yen (2011-02-02)

By @ibtimes on

Morning Report

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The pair is trading within a tight range since yesterday around the SMA 50, while Stochastic is positive supporting yesterday's suggested scenario. Therefore, we expect an intraday bullish move today targeting first the neckline for a positive neckline at 132.70 which will support the pair to continue higher within the ascending channel over intraday basis. Stability above 130.35 is required for our expectations to remain valid.

The trading range for today is among the key support at 130.00 and key resistance at 134.50.

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

Support131.10130.35130.00129.40128.40Resistance132.00132.70133.40134.00134.50RecommendationBased on the charts and explanations above, our opinion is buying the pair around 131.10 targeting 132.70 and stop loss below 130.00 might be appropriate

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