Great British Pound vs. Japanese Yen (2011-01-28) Trading Idea

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January 28, 2011 9:02 PM EST

Morning Report

Over daily basis, the pair stabilized above the resistance for the general downside wave with a series of daily closings above it. Also, assessing the recent trading, we have a bullish pattern formation shown on the secondary image. Those factors in addition to trading above the SMA 50 we expect an intraday upside move targeting the neckline for the bullish pattern at 132.70. Breaching 130.40 and stabilizing below it will delay the suggested scenario and leads to a retest to the breached resistance for the downside wave.

The trading range for today is among key support at 128.55 and key resistance at 134.20.

The general trend over short term basis is to the downside targeting118.80as far as areas of 150.75 areas remain intact.

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