Great British Pound vs. Japanese Yen (2011-11-16)

By @ibtimes on

Morning Report

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The pair reached the middway toward the main target we mentioned yesterday where it's trading now around 121.35, while momentum indicators are providing positive signs that may push price to acquire some upside correction before resuming the expected intraday downside move for today towards 120.35 and 119.70. The 50 EMA is supporting the current bearish wave and the previously breached technical pattern.

The trading range for the day may be among the 119.85 support and 122.60 resistance.

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

Previous Report

Weekly Report

Support121.30121.00120.35119.70119.10Resistance122.00122.60123.15123.90124.30RecommendationBased on the charts and explanations above we recommend selling the pair around 122.00 targeting 120.35 and stop loss with four-hour closing above 122.60 may be appropriate

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