GBPJPY - Daily technical Analaysis and Strategy (2010-12-29)
December 30, 2010 9:06 AM EST
It seems that the pair is taking a breath around the full correctional level of XA leg of the suggested harmonic crab pattern after the sharp declines occurred during the previous period. Actually, Stochastic as a representative for momentum indicator needs some kind of relief and thus, a slight upside recovery is expected but it will be seen as a correction that will not change the current bearish trend. The CD leg of the harmonic pattern still has southern targets around 124.35 to reach the PRZ of the pattern or rather to complete this successful pattern, which we caught when the pair was valued around 131.50.
The trading range for today is among key support at 123.55 and key resistance at 129.40.
The general trend over short term basis is to the downside, targeting 118.80 as far as areas of 150.75 areas remain intact.
Most Popular Slideshows
- 2014 MLB World Series Game 1: San Francisco Giants 7, Kansas City Royals 1 [PHOTOS]
- 2014 MLB World Series - Game 2: Kansas City Royals 7, San Francisco Giants 2 [PHOTOS]
- 2014 MLB World Series Game 3: Kansas City Royals 3, San Francisco Giants 2 [PHOTOS]
Join the Conversation
- Xiaomi Redmi 1S vs. Sharp Aquos Crystal – Specifications, Features And Price Showdown
- Verizon Motorola Droid Turbo Leaked Live Images Surfaces, Scheduled To Get Unveiled On Oct 28
- Update HTC One M7 with LG G2 with Android 4.4.2 as Sprint OTA: Fixes and Installation
- U.S. Targets Buyers of ISIS Oil, Threatens Sanctions
- ISIS Syria Airstrike Bombing Has Killed 550 People, Civilians Included
- Russia Blocking OSCE Monitoring Of Its Border With Ukraine
- Russia Shifts Blame On US For Ukraine Crisis, Putin Accuses West of 'Remaking World'