Great British Pound vs. Japanese Yen (2011-03-11)

By @ibtimes on

Morning Report

The secondary image shows an obvious bearish candlestick pattern that has engulfed the candles of the day before. When this technical factor is added to the solidity of 61.8% Fibonacci level of the downside wave from 135.50 to 131.10 - check the previous report for more details about this level-, the real reason behind the bearishness that had occurred yesterday. Moreover, we hold onto our bearish predications over intraday basis that aresupported by the negative signs appearing on the main chart of the weekly basis. A break of 133.15 will be another negative indication and may bring panic selling pressure.

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

Support133.15132.50132.00131.60131.05Resistance134.20135.00135.50136.20136.80RecommendationBased on the charts and explanations above our opinion is, selling the pair around 133.75 targeting 131.05 and stop loss above 135.50 might be appropriate.

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