Morning Report

gbpjpy08_03_2012

The pair is trading positively approaching 50% Fibonacci correction at 128.40, while Stochastic relieved from the negativity as it approaches oversold areas. Therefore, we suggest an upside move today that depends on a breach of 128.40 and stability above it and then the pair could extend the gains, targeting 130.00 and then 131.10.

The trading range for today is among the major support at 125.00 and the major resistance at 129.00.

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

Previous Report

Weekly Report

Support127.25126.65125.65125.00124.70
Resistance128.40129.00130.00130.80131.10
RecommendationBased on the charts and explanations above, our opinion is buying the pair with 4-hour closing above 128.40, targeting 130.00 and then 131.10 and stop loss below 127.25 might be appropriate