Morning Report

gbpjpy12_10_2011

The pair continues to trade with a negative bias to fluctuate around the 50 EMA. Stochastic is gaining upside momentum over four-hour basis, thus, we continue to expect an intraday upside move targeting mainly 120.80. We remind you that breaching 119.10 may delay the awaited scenario.

The trading range for today may be among the 118.10 support and 122.40 resistance.

The short term trend is to the downside targeting 122.00 so long as 150.00 remain intact

Previous Report Weekly Report

Support119.10118.10117.65116.95116.25
Resistance120.40120.80121.30122.10122.40
RecommendationBased on the charts and explanations above we recommend buying the pair around 119.10 targeting 120.80 and stop loss below 118.10 may be appropriate for today.