Morning Report

gbpjpy03_02_2012

The SMA 50 supports the pair strongly, where the pair is still trading within the ascending channel shown above, while Stochastic is positive over 4-hour basis. Therefore, we still expect an intraday upside move today, targeting mainly 122.25; however, consolidation above 119.90 is required.

The trading range for today is among the major support at 119.90 and the major resistance at 122.25.

The short-term trend is to the downside as far as 150.00 remains intact targeting 112.00.

Previous Report

Weekly Report

Support120.30119.90119.60119.10118.35
Resistance121.00121.80122.25122.60123.00
RecommendationBased on the charts and explanations above, our opinion is buying the pair around 119.90, targeting 121.00 and then 122.25 and stop loss below 119.60 might be appropriate