Great British Pound vs. Japanese Yen (2011-02-07)

By @ibtimes on

Weekly Report

GBPJPY

The pair returned to consolidate above the neckline for the bullish pattern mentioned in our previous reports after a quick retest for this level which is now forming good support at 132.25. This stability alongside support from the SMA 50 and trading within the short term ascending channel above support the expected upside move for this week targeting areas of 135.50 and require daily closing above 131.00 to prevail.

The trading range for this week is among the key support at 130.50 and key resistance at 135.85.

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

Support132.25131.40131.00130.50130.00Resistance132.90133.40134.00134.50135.00RecommendationBased on the charts and explanations above, our opinion is buying the pair around 132.25 targeting 135.50 and stop loss below 131.00 might be appropriate

Join the Discussion