Great British Pound vs. Japanese Yen (2011-02-10)

By @ibtimes on

Morning Report

gbpjpy

The pair is still stable above the breached neckline now a support at 132.20 and the SMA 50 continues to support the upside move. We expect an intraday upside move today targeting 135.00-85 areas. Volatility and fluctuations is possible to be seen due to the negativity on Stochastic but areas of 131.60 must hold for our expectations to prevail.

The trading range for today 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.

Support132.20131.60131.00130.50130.00Resistance132.90133.40134.00134.50135.00RecommendationBased on the charts and explanations above, our opinion is buying the pair around 132.20 targeting 134.00 and stop loss below 131.35 might be appropriate

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