Morning Report

gbpjpy06_01_2012

The pair continued battling the pivotal support of 119.30, but couldn't breach it with a four-hour closing until now. Stability is seen below the resistance line of the descending channel at 120.05. Thereby, there are chances for moving bearishly over intraday basis with a break below the aforementioned support targeting 117.95 and 116.95; noting that, areas of 120.05 should hold to protect this scenario.

The trading range for the day is expected among the key support at 116.95 and the key resistance at 121.35.

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

Previous Report

Weekly Report

Support119.30119.00117.95117.40116.95
Resistance120.05120.65121.35121.75122.25
RecommendationBased on the charts and explanations above we recommend buying the pair around 120.60 targeting 119.30 and 117.95 and stop loss with four-hour closing above 120.05 may be appropriate.