Morning Report

gbpjpy27

The pair is still trading within the same trading range, Stochastic is still attempting to reverse to the downside, while the ADX upside bias is much weaker today, therefore, there is a possibility for another downside attempt to break 76.4% retracement of the CD leg of the bearish butterfly pattern to extend the move towards more downside targets. Breaking 132.25 confirms the move.

The trading range for today is among the major support at 128.40 and the major resistance at 134.20.

The short term trend is to the downside targeting 118.80 as far as 150.75 level remain intact.

Weekly Report

Support132.50132.00131.05130.50129.40
Resistance133.60134.20135.00135.50136.20
RecommendationBased on the charts and explanations above our opinion is, selling the pair with the breach of 132.25 targeting 128.90 and stop loss above 134.50 might be appropriate.