Monday, November 29, 2010

Pound sterling against the Japanese yen





Audited the consideration of the weekly chart, we find that the wave of momentum has taken over the pair in the medium term. We can see that the four waves of this wave driving has been completed in advance and therefore the husband loses torque rising gradually as the fifth wave may be in shape. In addition, the level of channel resistance, which began falling levels of 163.00 is still a strong technical obstacle adds more power to the numbering of the proposed waveform. Moving averages are 50 and 100 attempts to push a negative impact on the rise in the indices, while stochastic and relative strength tend down. Briefly say, that the downward trend is unlikely that we are witnessing this week, especially if the break level of 130.50
The trading range for this week may be between the level of support and resistance level at 126.70 135.50
Falling short term trend down and goal at the firm level 150.75 118.80


Support 130.50 129.25 128.40 127.60 126.70Resistance 132.50 133.60 134.20 134.80 135.50
 
Recommendations Based on the above chart we believe that selling the pair around 131.60 and 127.70 target and stop loss above 134.30 would be appropriate

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