Morning Report

gbpjpy

The pair declined yesterday though the SMA 50 pushed it to the upside to close above the neckline for the bullish pattern as shown above. Stochastic is moving to the upside and therefore we expect an intraday upside move today targeting 135.00 and require stability above 131.35.

The trading range for today is among the key support at 130.50 and key resistance at 135.85.

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

Support132.20131.85131.25131.00130.50
Resistance132.90133.40134.00134.50135.00
RecommendationBased on the charts and explanations above, our opinion is buying the pair around 132.20 targeting 134.00 and stop loss below 131.35 might be appropriate