Morning Report

gbpjpy31_08_2011

The pair continued stabilizing inside the bearish channel seen on the graph. In the interim, SMA 50 is still pressuring the pair negatively. As a consequence, potential downside actions could be seen today, targeting 123.30, followed by 122.55 as far as 126.50 remains intact.

The trading range for the week may be among the major support at 120.00 and the major resistance at 126.50.

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

Previous Report

Weekly Report

Support124.65124.00123.30123.00122.55
Resistance125.05125.60126.15126.50127.35
RecommendationBased on the charts and explanations above we recommend selling the pair around 125.60 targeting 123.30 and stop loss above 126.50 might be appropriate.