GBP/JPY Weekly Technical Report 4-8/3/2013
ecPulse
2013-03-04 07:31AM UTC
In our latest reports we have forecasted the occurrence of a bullish correction. As it has been verified, the correction remains extremely pallid, proving that the GBP/JPY is being influenced by breaking below the ascending channel. Linear Regression Indicators are significantly negative and Stochastic appreaches overbought areas. Therefore, we believe trading below 142.50 is negative, and stability below 139.10 drags the pair lower to 136.35.
– The trading range expected today is between the key support at 136.35 and the key resistance at 144.65
– The short-term trend is downside targeting 133.60 if 147.80 remains intact
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