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
- Still The World Champions: Team USA Overpowers Serbia, 129-92 To Win 2014 FIBA World Cup [PHOTOS]
- Kendall Jenner Could Be Next Victoria's Secret Angel [PHOTOS]
- From Fat To Fit: Celebrities Who Were Overweight Before They Became The Beauties That They Are
- Taylor Swift Named People's Best Dressed Stars Of 2014 [PHOTOS]
Join the Conversation
- iOS 8 Release Date Of Sept 17 Has Arrived: Update Begins At 10AM Pacific Time, Upgrade Your iDevices With iOS 7.1.2 First To Install iOS 8
- Why Samsung Galaxy S5 Is Not The Best Smartphone To Purchase Now? If You Still Want To, Wait For A Month To Get It Cheap
- Apple iPad Air 2, iPad Mini 3 October Release Date Roundup: Freshly Leaked Protective Case Debuts Unique Vent Alongside Camera
- Google Nexus 6 Release Date on Q4 2014 Confirmed by T-Mobile Featuring Wi-Fi Calling
- Canadian IS Jihadist Wants to ‘Play Soccer’ with Heads of US Decapitated Soldiers
- Warning to U.S. – ISIS Has Shot Down a Syrian Regime Fighter Jet
- Spice Dream Uno vs Xiaomi Redmi 1S: Android One Smartphone to Challenge The Existing Budget Friendly Smartphone