Morning Report

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gbpjpy

The pair was unable of exiting the sideways range yesterday which failed our expectations after the pair settled for the lows set at 130.81. Currently, and upside reversal is seen on Stochastic alongside bullish candles formation over daily basis which support the possibility of bullish movement today, though stability is needed above 133.30 to confirm the breach of the SMA. We expect an upside move for today as far as the four-hour closing remains above 131.25.

The trading range for today is among key support at 130.80 and key resistance at 135.40.

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

Support132.60 132.10131.55 131.25130.80 Resistance133.30133.60134.30134.80 135.40 RecommendationBased on the charts and explanations above, our opinion is buying the pair around 132.60 targeting 135.40 and stop loss with four-hour closing below 131.25 might be appropriate