Posted by: Babu Suresh | March 8, 2009

Forex-GBP-JPY-08-03-09

GBP-JPY-1H-ChartsGBP-JPY-1H-08-03-09

While the Pound is unable break 141.54 resistance, but holding strongly above 137.50, according to my analysis, in the near term, between now and 9th of April, I expect the range to be between 134.98 and 149.61, subject to the outcome of various economic reports, esp. the 10th  and 11th ones which are likely to set the tone of the strength of the currency.

In addition, Yen’s weakness against USD is adding color to the Pound, but its unable to firmly break 101; that is not a good sign and I expect there also a good correction to happen soon, that could pull down Yen to 94.94.

Nevertheless, I would caution position traders from stretching much as I feel, after 26th of Feb. it has been rising without much strength and a steep correction cannot be ruled out, which could help testing the nearest support at 134.98.

GBP-JPY-30M-ChartsGBP-JPY-30M-08-03-09 GBP-JPY-15M-ChartsGBP-JPY-15M-08-03-09

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