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Technical Crosses

GBP/JPY

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Publish Date29/11/2012 12:54:41 PM

Last Update29/11/2012 12:57:41 PM


Midday Report

GBPJPY

The pair is still trading below 131.85, a reason to withstand expectations in our previous report . Stochastic also projects negative signs supporting these expectations, which emerged after the pair failed to stabilize above the "C" top of the bullish Harmonic Bat pattern.

The trading range expected for today is between the key support at 129.05 and the key resistance at 133.55 .

The short-term trend is to the downside targeting 112.00 as far as 150.00 remains intact.

Previous Report

Weekly Report

Support131.00130.80130.35130.00129.75
Resistance131.85132.10132.50133.10133.55
RecommendationBased on the chart and explanation above, our opinion is to sell the pair below 131.85 targeting 130.80, 130.35 and 129.75 and stop-loss with four-hour closing above 132.35


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