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British Pound Positions to Reverse Lower Against Japanse Yen.

Summary: The British Pound has gained against the Japanese Yen in recent days, with the perennial carry cross boosted as risk appetite improved on better-than-expected...

The British Pound has gained against the Japanese Yen in recent days, with the perennial carry cross boosted as risk appetite improved on better-than-expected earnings announcements from key companies to start the second-quarter reporting season. Technical positioning looks favorable of a return to downward momentum, however, with prices showing a Dark Cloud Cover bearish reversal candlestick pattern following a test of support-turned-resistance at a rising trend line established from the lows in January. Confirmation will be seen on a daily close below the 23.6% Fibonacci retracement of the 01/21-06/12 rally at 152.42, opening the door for a decline to the 38.2% Fib at 146.10. Created Using CQG - Prepared by Ilya Spivak

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Publication:Mena Report
Date:Jul 22, 2009
Words:155
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