GBPJPY Outlook and Strategy (2010-12-21)

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December 22, 2010 9:12 AM EST

Morning Report

The pivotal support areas of 129.40 has been able to stop yesterday's bearishness temporarily since Fibonacci levels of XA leg of the suggested harmonic Gartley pattern meets these levels as seen on the provided daily chart. Some kind of fluctuation is awaited due to facing this support level before resuming the projected bearishness of our captured pattern, which is still forming its CD leg, targeting 128.10. Note that, the consecutive closings below 50% Fibonacci of XA leg may assist the pair to breach 61.8% sooner.

The trading range for today is among key support at 127.60 and key resistance at 133.15.

The general trend over short term basis is to the downside, targeting 118.80 as far as areas of 150.75 areas remain intact.

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