Morning Report

gbpjpy14_03_2012

The pair was able to fulfill the suggested bullish scenario yesterday, approaching now the primary target at 130.80, yet it is still within the ascending channel shown above. Momentum indicators are negative, which could trigger some downside bias, especially when the pair is approaching 61.8% Fibonacci correction at 131.10 that could force the pair to reverse south. Therefore, we remain neutral now, observing the pair around the critical level, where a breach of this level should support the upside move to extend further and reach more bullish targets, with the main next target standing at 134.50.

The trading range for today is among the major support at 128.40 and the major resistance at 133.00.

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

Previous Report

Weekly Report

Support130.00129.00128.40128.00127.25
Resistance130.80131.10132.30133.00134.05
RecommendationBased on the charts and explanations above we remain neutral, awaiting more confirmations