Great British Pound vs. Japanese Yen (2011-02-15)

By @ibtimes on

Morning Report

GBPJPY

The pair succeeded in achieving our yesterday's suggested scenario after touching the minor support of 133.20 as it inclined towards the previous recorded top at 134.20. SMA 50 still provides the pair with the support it needs, whilst the effect of the bullish pattern still exists. Thereby, we propose potential upside movements over intraday basis, which will start with breaching the aforesaid peak, targeting 136.00-136.50 zones. Stochastic shows some kind of negativity that might cause sideways trading before resuming the projected bullishness.

The trading range for today is among key support at 132.00 and key resistance at 136.75.

The general trend over short term basis is to the downside, targeting 118.80 as far as areas of 150.75 areas remain intact.

Previous Report

Weekly Report

Support133.20132.90132.00131.55131.00Resistance134.20134.50135.00135.85136.50RecommendationBased on the charts and explanations above our opinion is, buying the pair with hourly closing above 134.20 targeting 136.00 and stop loss below 133.20 might be appropriate.

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