Great British Pound vs. Japanese Yen (2011-02-25)

By @ibtimes on

Morning Report

Yesterday's recorded low was placed twenty pips below the detected technical objective of the weekly report, confirming the bearish effect of our caught double top formation, which we believe that it still has downside targets to be reached based on Fibonacci rules. Now, RSI 14 shows that the pair needs more upside correction to be relieved before breaching the pivotal support of 131.45 on its way to reach the extended technical targets of the pattern. These extended technical targets reside at 130.90, followed by 130.25.

The trading range for today is among key support at 129.80 and key resistance at 135.50.

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

Support132.00131.45131.10130.50129.80Resistance133.15133.60134.25135.00135.50RecommendationBased on the charts and explanations above our opinion is, selling the pair around 132.50 targeting 130.25 and stop loss above 134.30 might be appropriate.

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