Morning Report

gbpjpy

The pair provided positive signals that support further intraday bullishness for today resembled in:

  1. The daily closing above the SMA 50
  2. Daily closing above 76.4% Fibonacci correction for the decline from 135.15 to 121.25
  3. Current attempts to stabilize above the critical resistance at 132.55 shown in red above
  4. The upside signal on Stochastic

Therefore, we expect further upside movement towards 134.25 and 135.15 and require stability above 131.60 to insure the targets will not be delayed.

The trading range for today is among the key support at 131.05 and key resistance at 135.15.

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

Support132.55132.00131.60131.00130.50
Resistance133.15133.60134.25135.15136.00
RecommendationBased on the charts and explanations above, our opinion is buying the pair around 132.55 targeting 134.25 and stop loss below 131.60 might be appropriate