Morning Report

gbpjpy15_12_2011

The pair maintained stability below the support for the sideways range -previously breached- at 121.00 while Stochastic is still trending downwards while entering oversold areas which will keep the volatility around the breach support for some time. In general, we hold onto our expectations for a bearish intraday move today supported by the MA 50 targeting 119.30 then 117.95.

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

Support120.00119.30119.00117.95117.40
Resistance120.70121.00121.50122.25122.60
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