Great British Pound vs. Japanese Yen (2011-03-31)

By @ibtimes on

Morning Report

GBPJPY

The pair consolidated above 132.55 with a daily closing, further supported the positivity mentioned in our reports yesterday that signal further intraday bullishness. Stochastic is entering overbought areas which will increase the fluctuations with some downside bias to retest the critical breached resistance at 132.55, before moving towards targets at 134.25 then 135.15. Breaching areas of 132.55 will delay the suggested scenario.

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

Support132.55132.00131.60131.00130.50Resistance133.15133.60134.25135.15136.00RecommendationBased on the charts and explanations above, our opinion is buying the pair around 132.55 targeting 134.55 and stop loss below 131.60 might be appropriate

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