Morning Report

GBPJPY

The pair is trading positively and gradually approaching the resistance level we mentioned in our previous report around 128.15, where stochastic is overbought over daily and four-hour time frames. therefore, we expect a downside move today targeting initially 126.10 followed by 125.65 and requires stability below 128.15.

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 we recommend selling the pair around 128.15 targeting 125.65, Stop loss above 129.40 may be appriopriate.