Morning Report

gbpjpy10

Yesterday's trading only confirmed the negativity further, where Stochastic over daily basis lingers in overbought areas attempting to crossover negatively. This signals the possible stability of the descending channel and returning to trade below the 20 & 50 SMA. Therefore, we hold onto our negative expectations for today as well.

The trading range for today is among key support at 128.40 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

Support131.50131.05130.75130.00129.25
Resistance132.85133.20133.60134.25134.80
RecommendationBased on the charts and explanations above, our opinion is selling the pair around 133.20 targeting 131.05 and stop loss above 134.80 might be appropriate