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Technical Cross
Written by article default Wednesday, 04 May 2011 10:01
Great British Pound vs. Japanese Yen (GBP / JPY)Morning Report
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The pair is trapped within narrow range since yesterday's closing as seen on the provided daily chart. Actually, this closing was below 88.6% Fibonacci level of CD leg of the bullish harmonic pattern but we how Stochastic is approaching the oversold areas gradually; while there is solid support which is close to the current trading levels. Thus, we will be neutral over intraday basis to watch how the pair will behave around this key support and also to see to see if it will close bearishly below 88.6% for the second consecutive day or not. Note that a breakout below areas between 132.90 and 132.40 will negate chances for the extended targets for the harmonic pattern.
The trading range for today is among key support at 130.00 and key resistance at 136.80.
The general trend over short term basis is to the downside targeting 118.80 as far as areas of 150.75 areas remain intact.