Morning Report

gbpjpy14_12_2011

The pair breached the sideways range support at 121.00 and yesterday's closing was below those areas. This move activates the intraday bearishness expected for today supported by the negative pressure from MA 50; targets start at 119.30 and breaching this level will accelerate the downside move towards 116.80.

The trading range for today is expected among the key support at 117.95 and the key resistance at 122.25.

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

Previous Report

Weekly Report

Support120.70120.00119.30119.00117.95
Resistance121.00121.50122.25122.60123.15
RecommendationBased on the charts and explanations above our opinion is selling the pair around 121.00 targeting 119.30 and stop loss above 122.25 might be appropriate