Mid-day report

Sterling versus the Japanese yen moved in a tight range today. Now as we discussed yesterday,the pressure from the daily double top formation is very strong, therefore, the pair is preparingto resume the major downside movement over short term and intraday basis and is still gathering the needed momentum to be able to reach the necklinefor the pattern around 146.80 zones.

The trading range for today is among key support at 146.80 and key resistance at 156.35.

The general trend is to the downside as far as 167.40 remains intact with target at116.00.

RecommendationOur morning expectation is still valid