Morning Report

gbpjpy10_02_2012

The pair was able to breach the barrier at 122.25 and settled above it with a daily closing, which supports our intraday expectations of a continuous upside move within the ascending correctional channel as shown above, which is supported by SMA 50. Our main targets start at 123.80 and then 124.80, while consolidation above 121.00 is required.

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

Support122.25121.80121.00120.60120.35
Resistance122.60123.00123.80124.25124.80
RecommendationBased on the charts and explanations above, our opinion is buying the pair above 122.25, targeting 123.80 and then 124.80 and stop loss with 4-hour closing below 121.20 might be appropriate