Great British Pound vs. Japanese Yen (2011-11-11)

By @ibtimes on

Morning Report

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The pair breached the support of the ascending channel shown on image signalling one more negative sign,while the negative pressure continues on the pair affected by breaching the neckline of the double top formation in addition to the pressure from the 50 EMA and the negativity on stochastic, all these factors suggest an intraday downside move for today targeting mainly 122.60 followed by 121.30.

The trading range for the day may be among the 121.30 support and 126.00 resistance.

The short term trend is to the downside targeting 122.00 so long as 150.00 remain intact.

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Detailed analysis on the pair

Support123.50123.15122.60122.00121.30Resistance123.90124.40124.95125.65126.00RecommendationBased on the charts and explanations above we recommend selling the pair around 123.90 targeting 122.30 and stop loss above 124.95 may be appropriate.

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