Great British Pound vs. Japanese Yen (2011-04-18)

By @ibtimes on

Midday Report

The pair continued declining, clarifying that the negative effect of breaching the lower line of Keltner channel is still in progress, particularly after breaching 38.2% Fibonacci retracement of CD leg of our affective bearish harmonic butterfly pattern. Thus, we hold onto our negative outlook, looking forward to witness a touch for 61.8% Fibonacci at 133.85, followed by 76.4% at 132.40. Note that, Stochastic might be relieved first before resuming the downside rally.

The trading range for today is among key support at 132.00 and key resistance at 137.30.

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

Weekly Report

Support134.20133.60133.15132.50132.00Resistance135.00135.50136.20136.80137.30RecommendationBased on the charts and explanations above our opinion is, selling the pair around 135.55 targeting 132.50 and stop loss above 137.60 might be appropriate.

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