Morning Report

gbpjpy02_03_2012

The pair continued to trade positively yesterday and closed the session above 129.00, which supports the suggested intraday upside move to extend today. SMA 50 supports the pair from below, while the positive effective of the double bottom pattern is still valid. Our next targets are at 131.00 and 132.30.

The trading range for today is among the major support at 128.40 and the major resistance at 132.30.

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

Previous Report

Weekly Report

Support129.00128.40127.65127.25126.65
Resistance130.00130.80131.10132.30133.00
RecommendationBased on the charts and explanations above, our opinion is buying the pair around 129.00, targeting 130.80 and stop loss with 4-hour closing below 128.40 might be appropriate