Great British Pound vs. Japanese Yen (2011-02-11)

By @ibtimes on

Morning Report

gbpjpy

The pair moved to the upside as we mentioned in our previous reports affected by the bullish pattern where the pair consolidated above its breached neckline as shown above. The ascending short term channel is still organizing the current wave while momentum indicators are overbought which might cause volatility and a downside bias before resuming the upside intraday move expected for today targeting 136.00-15.

The trading range for today is among the key support at 132.10 and key resistance at 136.15.

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

Support134.00133.20132.90132.10131.60Resistance134.50135.00135.85136.15136.75RecommendationBased on the charts and explanations above, our opinion is buying the pair around 133.20 targeting 135.00 and stop loss below 132.10 might be appropriate

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