Morning Report

gbpjpy

The pair is still trading within the ascending channel as seen on the chart above using Classical Analysis. Therefore, we hold onto our previous expectations for a possible upside move. Consolidating above the 20 and 50 MA support these expectations, while Stochastic is pointing to the upside and that might help attain our expectations. The bullish move remains valid as far as 146.80 is intact.

The trading range for today is among key support at 143.20 and key resistance at 153.40.

The general trend is to the downside as far as 167.40 remains intact with target at 116.00.

Support148.30147.90147.20146.20145.80
Resistance149.00149.60150.00150.60151.25
RecommendationBased on the charts and explanations above our opinion is, buying the pair from 148.30 targeting 151.20 and stop loss below 146.80 might be appropriate.