Great British Pound vs. Japanese Yen (2011-11-17)

By @ibtimes on

Morning Report

width=640

The pair is trading with slight positivity since morning affected by positivity on momentum indicators, while we are still waiting for some upside correction testing 122.00 areas before resuming the intraday downside move for today. The 50 EMA continues to pressure trading negatively, while the main target to the downside is located at 119.50 which is the retest resistance level for the main descending channel that was breached previously.
The pair is trading with slight positivity since morning affected by positivity on momentum indicators, while we are still waiting for some upside correction testing 122.00 areas before resuming the intraday downside move for today. The 50 EMA continues to pressure trading negatively, while the main target to the downside is located at 119.50 which is the retest resistance level for the main descending channel that was breached previously.
The trading range for the day may be among the 119.50 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

Support121.30121.00120.35119.50119.10Resistance122.00122.60123.15123.90124.30RecommendationBased 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

Join the Discussion