Tuesday, September 08, 2009

Pound/Yen Update: Wait For Breakout

The pair went as high as 153.24 yesterday before going back below 23.6% Fibonacci level of 118.8 to 163.06. The Pound weakened further then against the Yen and found support at 151.58. Another possible support below that level is around 150.85 (Friday's low). Although I expect the downtrend will continue this week, it might be wiser to wait for breakout below 150.85 and profit target at 149.35 area (last week's low) first and 146.74 after that (July 8th low near 38.2% Fibonacci level). Key resistance remains at 153.45 broken support.

No comments:

Post a Comment