Great British Pound vs. Japanese Yen (2011-03-02)

By @ibtimes on

Morning Report

The pair respected Fibonacci level of 61.8% of the downside wave from 135.50 to 131.10 as seen on the provided four hour graph. Thereby, the negative signs of main chart started to be clearer as SMA 50 plays the role of being a ceiling as well; whilst Stochastic still has southern targets to be reached. Consequently, we hold onto our bearish predications over intraday basis, noting that a break of 132.50 will accelerate the movements towards 130.50, followed by 129.40 zones. Conversely, areas between 134.60 and 135.00 should hold to protect our overview.

The trading range for today is among key support at 130.50 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

Support132.50131.60131.05130.50129.40Resistance133.15133.60134.20135.00135.50RecommendationBased on the charts and explanations above our opinion is, selling the pair around 133.15 targeting 131.05 and stop loss above 134.55 might be appropriate.

Join the Discussion