Morning Report

gbpjpy13_03_2012

The pair is fluctuating around 128.40 again within the ascending channel shown above, which performs the ascending correctional wave. SMA 50 supports the pair from below. Therefore, we expect an intraday upside move today, but a 4-hour closing above 128.40 is necessary to confirm the suggested incline, attempting to reach the main targets at 130.80 and 132.30.

The trading range for today is among the major support at 127.25 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

Support128.00127.25126.50125.65125.00
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 130.80 and stop loss below 127.25 might be appropriate