The Japanese yen gained versus the Great British pound in yesterday's Asian trades on concerns that Britain's recession is deepening due to weak economic fundamentals. For the Yen, worries that the European Central Bank (ECB) would disappoint investors hoping for more actions to contain the debt crisis increase demand for its safety. In today's Asian trades, the Samurai is expected to give up gains in favor of the Sterling as shown in the 30-minute time frame.

The Parabolic SAR(0.02,0.20) pushes the pair to new highs as the dot indicators positioned below the price action give an upward push to the price activity. The CCI(14) also supports the bullish movement of the pair as the indicator line has already breached the zero-level, after failing to go lower than the -100 level.

The MACD(12,26,9) also seems to point to an impending trend reversal as the signal line is placed below the histogram strides, causing the latter to converge toward the centerline. A crossover of the signal line and the oscillator bars above the zero-level is deemed to be a confirmation of the pair’s upward movement. Considering the foregoing indicators that seem to show the GBPJPY pair’s upward trend, a long position is deemed viable in the Asian trades today.