Great British Pound vs. Japanese Yen (2011-04-21)

By @ibtimes on

Morning Report

The pair started to lose its upside correction steam since the middle line of Keltner channel succeeded in pushing it downwards as seen on the provided daily chart. Additionally, it started to breach through 50% Fibonacci of CD leg of our captured bearish harmonic butterfly pattern. All what we need now is a four hour closing below 134.50 zones to make sure that the bearish effect of the harmonic structure will continue dominating the movement. The potential resistance resides around 137.30 and it should be the ceiling for the expected bearishness over intraday basis.

The trading range for today is among key support at 131.60 and key resistance at 138.40.

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

Support134.20133.60132.50131.60131.15Resistance135.50136.20136.80137.30138.40RecommendationBased on the charts and explanations above our opinion is, selling the pair around 135.25 targeting 132.40 and stop loss above 137.30 might be appropriate.

Join the Discussion