Morning Report

gbpjpy08

Yesterday, the pair proved the strength of the minor support at 123.30, where currently the pair is facing this support once again and attempting to set a four-hour closing below it. If the pair succeeds in confirming the close, the downside move will extend throughout the day. The downside potential remains highly likely with trading below the main resistance for the minor descending channel at 123.60, while breaching MA 50 at 124.35 will delay the intraday scenario.

The trading range for today is expected among the key support at 120.80 and the key resistance at 127.30.

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

Previous Report

Weekly Report

Support123.20123.00122.70122.20121.40
Resistance124.20124.65125.30125.85126.15
RecommendationBased on the charts and explanations above our opinion is selling the pair below 124.00 targeting 122.20 and stop loss with four-hour closing above 124.35 might be appropriate