Morning Report

GBPJPY

The pair declined yesterday (as shown on the secondary image), however it rebounded quickly to stabilize again above 127.00. Stochastic indicator is near over bought area, where we are still waiting for the pair to settle at 127.15 before heading to resume the expected intraday downside move for today. Targets start at 126.10 followed by 125.65. Breaching 128.15 may delay achieving the awaited targets.

Trading range for the day is among the major support at 124.85 and the major resistance at 129.00

The short term trend is to the downside targeting 112.00 as long as 150.00 remain intact.

Previous Report

Weekly Report

Support126.90126.45126.10125.65124.85
Resistance127.85128.15128.55129.00129.40
RecommendationBased on the charts and explanations above our opinion is, selling the pair around 128.15 targeting 124.65 and stop loss above 129.40 may be appropriate.