Great British Pound vs. Japanese Yen (2011-03-24)

By @ibtimes on

Morning Report

Yesterday's daily closing was achieved below 76.4% Fibonacci of CD leg of our caught bullish harmonic formation. The day before, we have witnessed an obvious positive closing above this level and above SMA 50. All these movements were drawn on the graph within a tight rangesuggesting that there is some kind of technical hesitation, specifically when Stochastic overlaps in a positive and negative way over daily basis, despite moving within just 200 pips since opening of this week. Henceforth, we prefer staying aside until an actionable signal reveal where the pair intends to go. Anyway, if we witnessed another daily closing below 132.15, we will look at the downside.

The trading range for today is among key support at 127.60 and key resistance at 135.00.

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

Support131.05130.50129.25128.80127.60Resistance132.00132.50133.15133.65134.25RecommendationBased on the charts and explanations above our opinion is, staying aside until a clearer sign appears to pinpoint the upcoming big move.

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