Great British Pound vs. Japanese Yen (2011-03-10)

By @ibtimes on

Midday Report

The pair is still moving within the same trading range as seen on the provided chart. Fibonacci levels between 61.8% and 76.4% are still acting the role of solid resistance, secondary image. Henceforth, we will continue depending on the bigger picture, where the negative signs appeared as we discussed in details several times before. All what we need now is breaching the initial support levels around 133.60 accompanied by a four hour closing to make sure thatthe bearishness will dominate the movements over upcoming period.

The trading range for today is among key support at 131.05 and key resistance at 136.20.

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

Morning Report

Weekly Report

Support113.60133.15132.50132.00131.60Resistance134.20135.00135.50136.20136.80RecommendationBased on the charts and explanations above our opinion is, selling the pair with a breakout below 133.60 targeting 131.05 and stop loss above 135.50 might be appropriate.

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