Great British Pound vs. Japanese Yen (2011-02-18)

By @ibtimes on

Morning Report

GBPJPY

The pair was trading within a very tight range since yesterday, stabilizing above the previous broken resistance of 134.20. SMA 50 provides it with support alongside trading within the bullish channel as seen on the provided image. Additionally, Stochastic is positive and these factors make us expect more bullishness over intraday basis towards the major targets at 136.50. We remind you that this bullishness is based on the bullish pattern, which is completed with breaching the neckline -colored in red-. Stability above 134.20 confirms achieving the suggested scenario.

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

Support134.20133.20132.90131.95131.55Resistance135.00135.85136.50136.85137.50RecommendationBased 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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