Great British Pound vs. Japanese Yen (2011-04-08)

By @ibtimes on

Morning Report

Yesterday's expected technical pause was limited around 138.00, where the pair started to incline again, declaring that the bigger time frames are still dominating the movements of the pair positively since our yesterday's scenario was based on the four hour chart. Now, back to the daily graph where we suggest that the fluctuation will continue for a while around 127.2% Fibonacci projection of CD leg of the bullish harmonic pattern before moving higher once more towards 161.8% of CD leg at 143.20. On the other side, areas of 136.75 should hold to protect our predictions.

The trading range for today is among key support at 135.50 and key resistance at 143.30.

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 ReportWeekly Report

Support138.70138.20137.80136.80135.50Resistance139.75140.40141.50142.60143.30RecommendationBased on the charts and explanations above our opinion is, buying the pair around 138.70 targeting 141.50 and stop loss below 136.75 might be appropriate.

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