Great British Pound vs. Japanese Yen (GBP / JPY)

By IBTimes Staff Reporter | September 01 2009 2:53 AM

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Despite the bearish structure of the double top formation which pushed the pair below the up trend line as we discussed before, but the pair is currently in a stage of stability as the momentum indicators have reached oversold areas. Hence we expect consolidation areas between 153.60 and 149.80. An upside correction -to retest the mentioned resistance- is needed on the intraday basis before resuming the downside rally.

Trading range for today is among key support at 146.80 and key resistance at 156.30.

The general trend is to the downside as far as 167.40 remains intact with target at 116.00.

Support
151.00
150.45
149.80
149.00
148.35

Resistance
152.30
153.00
153.60
154.65
155.00

Recommendation
Based on the charts and explanations above our opinion is, buying the pair from 151.20 targeting 153.50 and stop loss below 149.25 might be appropriate.

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