GBPJPY - Technical Analysis and Trading Strategy

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January 1, 2011 9:25 AM EST

Morning Report

The pair achieved a very important closing below 100% Fibonacci of XA leg, which is another negative indication that confirmed resuming the CD leg of our efficient crab harmonic pattern as seen on the provided daily chart. Although Stochastic is moving inside oversold areas but it overlapped bearishly, whilst ARRON is still negative. Thereby, we still see chances for achieving additional bearishness towards the PRZ of the pattern at 124.35. The broken support areas-current resistance- at 126.40 might be retested.

The trading range for today is among key support at 121.95 and key resistance at 128.25.

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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