Great British Pound vs. Japanese Yen (2011-03-16)

By @ibtimes on

Morning Report

Today, we will not use any subsidiary images for smaller time frames as we did in the previous reports since we see that the weekly chart is efficient enough to clarify our outlook. The pair descended violently, touching yesterday's suggested technical objective at 129.60 easily, affected by the obvious bearish stick sandwich pattern; whilst SMA 50 is acting the role of a solid ceiling ideally. OsMA and Stochastic are still negative and thus, we still see chances for achieving more bearishness over intraday and short term basis. Let us now keep an eye on the lower line-support line- of the trading range areas at 126.40 zones, which is our next target for the scenario, which we caught when the pair was valued at 134.50.

The trading range for today is among key support at 126.70 and key resistance at 133.60.

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

Support129.25128.40128.00127.60126.70Resistance130.50131.05131.60132.00132.50RecommendationBased on the charts and explanations above our opinion is, selling the pair around 130.50 targeting 127.60 and stop loss above 132.50 might be appropriate.

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