Morning Report

gbpjpy03_01_2012

The pair has been trapped within a very tight range since the opening of this week, stabilizing within the main descending channel as seen on the provided graph. Stochastic shows off some kind of positivity that may assist the pair to reach the resistance line of our captured channel at 120.30. Therefore, the bearishness is still favored over intraday basis, mainly targeting 117.95 followed by 116.95 as far as the daily closing is seen below 120.30.

The trading range for the day is expected among the key support at 116.95 and the key resistance at 120.30.

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

Weekly Report

Support119.30119.00117.95117.40116.95
Resistance120.00120.30121.15121.75122.25
RecommendationBased on the charts and explanations above we recommend staying aside until an actionable setup presents itself to pinpoint the upcoming big move.