Weekly Report

GBPJPY

The pair is trading around the secondary support mentioned in our previous reports at 133.20, where this fluctuation is providing Stochastic with positive momentum to support the pair to continue trading within the short term ascending channel which is originally supported by the bullish patter with the breached neckline in red above. Therefore, we expect the upside wave to continue this week targeting initially 136.15 areas and requires steady daily closing above 132.00.

The trading range for this week is among the key support at 131.55 and key resistance at 136.75.

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

Support133.20132.90132.00131.55131.00
Resistance134.00134.50135.00135.85136.15
RecommendationBased on the charts and explanations above, our opinion is buying the pair around 133.20 targeting 136.00 and stop loss below 132.00 might be appropriate