Morning Report

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gbpjpy

Areas of 132.10 confirmed its strength and pushed the pair once again to trade within the upside trend. Stochastic provided a positive reversal and accordingly we expect a bullish intraday move. Four-hour closing below 132.10 weakens the expected bullishness while fails with four-hour closing below 131.55.

The trading range for today is among key support at 130.80 and key resistance at 136.80.

The general trend over short term basis is to the downside targeting118.80as far as areas of 150.75 areas remain intact.

Previous Report

Weekly Report

Support132.50132.10131.55131.25130.80Resistance133.15133.60134.80135.50136.20RecommendationBased on the charts and explanations above, our opinion is buying the pair around 132.50 targeting 134.80 and stop loss below 131.00 might be appropriate.