Great British Pound vs. Japanese Yen (2011-12-21)

By @ibtimes on

Morning Report

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Trading settles again within the side-way range shaded in yellow, accordingly, we will anticipate a breach above the 122.25 resistance or below the 121.00 support of the range to confirm the next upcoming move. Breaching 122.25 will complete a bullish technical pattern that has targets at 125.00 area, while breaking 121.00 will put the pair within the bearish trend again targeting initially 119.30.

The trading range for today is expected among the key support at 119.30 and the key resistance at 124.25.

The short term trend is to the downside as far as 150.00 remains intact with targets at 112.00.

Previous Report

Weekly Report

Support121.25121.00120.00119.30119.00Resistance122.25122.60123.15123.80124.30RecommendationBased on the charts and explanations above we recommend buying the pair with a breach above 122.25 targeting 124.25 and stop loss below 121.00 OR selling the pair with a breach below 121.00 targeting 119.30 and stop loss above 122.25 may be appropriate.

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