Morning Report

gbpjpy09_03_2012

The pair closed the session yesterday above 128.40 and 129.00, which is a positive sign that supports the suggested intraday correctional upside move following the downside movement, which took the pair from areas around 140.00 to 116.82. Stochastic provides positive signs over daily basis, while our suggested targets are at 131.10 and then 132.10.

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 Repor

Support129.00128.40128.00127.25126.65
Resistance130.00130.80131.10132.30133.00
RecommendationBased on the charts and explanations above, our opinion is buying the pair around 129.00, targeting 131.10 and stop loss with 4-hour closing below 128.40 might be appropriate