GBP/JPY Weekly Technical Report 11-15/2/2013
ecPulse
2013-02-11 07:23AM UTC
GBP/JPY has entered a downside correction, compliments of breaking the bearish technical setup support shown on the graph. Still, the pair rose but limited in areas below Linear Regression Indicators. Stochastic is attempting a negative crossover. Combined, these technical factors help us believe that trading below 148.25 will maintain the bearish opportunity. Stability below 147.25 supports this outlook better.
The trading range expected for this week is between the key support at 142.60 and the key resistance at 149.60
The short-term trend is downside targeting 112.00 provided that 150.00 remains intact
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