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Pound Hits Flat-Top Resistance Against Yen (Chart).

The British Pound went in to a free-fall against the Japanese Yen between Jul. 2008 and Jan. 2009 before slightly stabilizing. During this stabilization process, GBPJPY found resistance on at least two multi-period occasions along the 148.30 level. The green line, acted as both support and resistance on numerous occasions as well. Currently the pair finds itself at the flat-top resistance level featured below. One might want to look for a breakout higher or a retracement southward. If it happens to sell-off, one might be looking towards the 140.00 area for relief.

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Publication:Mena Report
Article Type:Brief article
Geographic Code:9JAPA
Date:May 5, 2009
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