Great British Pound vs. Japanese Yen (2011-01-10)
January 10, 2011 11:07 PM EST
The pair is biased to the upside, yet at the same time the harmonic formation was not very strong to support the incline, where the leg formation is closer to a Crab pattern which completes at very low levels that might reach 121.55; we can not ignore the importance of 124.35 and the chart above provides the importance of those areas at D1 and D2. Stochastic is overbought and is attempting to reverse to the downside. Therefore, we expect a downside move for this week which remains valid with steady trading below the resistance line among the top between points A and C.
The trading range for today is among key support at 124.35 and key resistance at 133.60.
The general trend over short term basis is to the downside targeting118.80as far as areas of 150.75 areas remain intact.