Midday Report

gbpjpy06_02_2012_02

The pair is trading negatively since morning to currently reach SMA 50, while we are still waiting for the pair to settle in areas around 120.15. In general, our morning scenario remains valid as long as the pair is stable in areas between 120.15 and 119.60.

The trading range for this week is among the major support at 119.90 and the major resistance at 124.25.

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

Weekly Report

Support120.15119.60119.10118.35117.95
Resistance121.00121.80122.25122.60123.00
RecommendationBased on the charts and explanations above, our opinion is buying the pair around 120.15, targeting 122.25 and then 123.80 and stop loss with 4-hour closing below 119.60 might be appropriate this week.