Morning Report

gbpjpy01_03_2012

The pair breached the level of 128.40 and provided a daily closing above this level, which supports our suggested upside correction to remain valid as shown above. SMA 50 supports the pair from below, while the positive effective of the double bottom pattern is still valid. Consolidation above 128.40 is necessary to fulfill our targets that start at 130.80

The trading range for today is among the major support at 127.45 and the major resistance at 131.10.

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

Previous Report

Weekly Report

Support128.40127.65127.25126.65125.65
Resistance129.50130.00130.80131.10132.30
RecommendationBased on the charts and explanations above, our opinion is buying the pair around 128.40, targeting 130.80 and stop loss with 4-hour closing below 127.65 might be appropriate