Morning Report

gbpjpy21

The pair inclined yesterday; however the upside moves couldn't push the pair to stabilize above the bottom of point C of the bearish butterfly pattern, and Stochastic is negative, this may push the pair tomove to the downsidetoday, to reach the 127.2% extended target of the CD leg of the butterfly pattern, breaching 131.05 may delay the move.

Trading range for the week is among the major support at 126.70 and the major resistance at 132.45.

The short term trend is to the downside as long as 150.75 holds targeting 118.80.

Previous Report

Weekly Report

Support129.40129.05128.40127.60126.70
Resistance130.00130.50131.05131.60132.00
RecommendationBased on the charts and explanations above our opinion is selling the pair around 130.00 targeting 127.40 and stop loss above 132.25 may be appropriate for today.