GBPJPY - Daily technical Analaysis and Strategy (2010-12-29)

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December 30, 2010 9:06 AM EST

Morning Report

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.

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