Great British Pound vs. Japanese Yen (2011-02-17)

By @ibtimes on

Morning Report

GBPJPY

The previously discussed retesting level at 134.20 succeeded in preventing the pair from achieving additional declines, where the pair rebounded due to the positive effect of momentum indicators and the support of SMA 50. Theses factors besides trading within the bullish channel, which is seen on the provided graph, force us to predicate more bullishness over intraday basis, targeting 136.50. Note that, a break of 134.20 may postpone this scenario and will take us towards 132.70 zones.

The trading range for today is among key support at 132.70 and key resistance at 137.50.

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

Support134.20133.20132.70131.395131.55Resistance135.00135.85136.50136.85137.50RecommendationBased on the charts and explanations above our opinion is, buying the pair around 134.20 targeting 136.50 and stop loss below 133.20 might be appropriate.

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