Morning Report

gbpjpy08_02_2012

The pair achieved the suggested scenario yesterday and reached the first main target of 122.25 and breached it to provide now more signs of an intraday upside move expected today. The negativity seen on momentum indicators could trigger some fluctuations before resuming the upside correctional move, targeting 124.25 and then 125.65. SMA 50 supports the bullish wave.

The trading range for today is among the major support at 121.20 and the major resistance at 125.65.

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

Previous Report

Weekly Report

Support122.25121.80121.20120.60120.36
Resistance122.60123.00123.80124.25124.80
RecommendationBased on the charts and explanations above, our opinion is buying the pair around 122.25, targeting 123.80 and then 124.80 and stop loss with 4-hour closing below 121.210 might be appropriate