Great British Pound vs. Japanese Yen and Trading Strategy (2011-01-11)

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January 12, 2011 9:28 AM EST

Morning Report

The pair is trading within approximate trading range between 128.50 and 129.40 zones, while the graph is providing us with a significant bearish harmonic butterfly pattern. Henceforth, our outlook will be to the downside over intraday basis and a break of the pivotal support around 128.50 will accelerate this awaited bearish wave. Note that RSI 14 moves inside overbought areas, supporting our overview.

The trading range for today is among key support at 125.50 and key resistance at 132.50.

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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