Morning Report

gbpjpy24

The pair declined during yesterday's session, and now it confirms stability below point C of the bearish butterfly pattern, this movement indicates that the pair is willing to test the extended targets of the pattern which is the 127.2% projection of the CD leg, therefore we expect more downside movement for today, and ADX is hinting continuation of the downside channel.

Trading range for the day 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

Support128.70128.30127.40126.70126.45
Resistance129.40130.05130.50130.80131.60
RecommendationBased on the charts and explanations above our opinion is selling the pair around 129.40 targeting 127.40 and stop loss above 131.05 may be appropriate for today.