Morning Report

GBPJPY

Trading is still caught in the sideways range between 128.15 and 126.65 shown above. The MA 50 continues to negatively pressure the pair and accordingly we hold onto our intraday bearish expectations for today which require the clear breach of 126.65 and stability below 128.15.

The trading range for today is expected among the key support at 124.85 and the key resistance at 129.00.

The short term trend is to the downside as far as 150.00 remains intact with targets at 112.00.

Morning Report

Weekly Report

Support126.90126.65126.10125.65124.85
Resistance127.70128.15128.55129.00129.40
RecommendationBased on the charts and explanations above our opinion is selling the pair around 128.15 targeting 125.65 and stop loss above 129.40 OR selling the pair with the breach of 126.65 targeting 124.85 and stop loss above 127.70 might be appropriate