Morning Report

gbpjpy15_03_2012

The pair is still stable above 61.8% Fibonacci correction at 131.10, which drives us to expect the intraday upside move to continue today, where the pair is still stable within the ascending channel shown above, supported by SMA 50. The negativity seen on momentum indicators could trigger some fluctuations around these areas, before moving towards the first main target at 133.00.

The trading range for today is among the major support at 130.00 and the major resistance at 134.00.

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

Previous Report

Weekly Repor

Support131.10130.10129.00128.40128.00
Resistance132.30133.00134.05134.45135.10
RecommendationBased on the charts and explanations above, our opinion is buying the pair around 131.10, targeting 133.00 and stop loss below 130.10 might be appropriate