Morning Report

gbpjpy

The pair declined breaching the reversal level at 143.10; the pair also managed to breach the major support for the upside wave, which accompanies the negativity of MA. Therefore, we believe that the intraday move for today is to the downside; RSI is providing negativity and ADX is pointing to the downside.

The trading range for today is expected among the key support at 140.85 and the key resistance at 146.20.

The short term trend is to the downside as far as 150.75 remains intact with targets at 126.80.

Previous Report

Weekly Report

Support143.10142.75142.00141.40140.85
Resistance143.65144.35145.00145.50146.20
RecommendationBased on the charts and explanations above our opinion is selling the pair from 143.65 targeting 140.85 and stop loss above 145.00 might be appropriate