Great British Pound vs. Japanese Yen (2012-02-24)

By @ibtimes on

Morning Report

gbpjpy24_02_2012

The pair remained stable above 125.65 critical areas as shown on the chart above in red, and accordingly we will build on it to expect the pair to resume the intraday upside move for today targeting mainly 128.40 areas and requires stability above 125.65 areas mentioned. The negativity on momentum indicators might cause some volatility and a retest of the mentioned level before resuming the suggested bullishness.

The trading range for today is expected among the key support at 124.70 and the key resistance at 128.40.

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

Previous Report

Weekly Report

Support125.65125.00124.70123.85123.20Resistance126.55127.00127.35128.40129.50RecommendationBased on the charts and explanations above our opinion is buying the pair around 125.65 targeting 127.00 then 128.40 and stop loss with four-hour closing below 125.00 might be appropriate

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