Morning Report

gbpjpy16_03_2012

The pair is still stable above 131.10, which supports our intraday upside expectations to remain valid today, supported by SMA 50 and trading within the ascending channel shown above. The negativity seen on momentum indicators might be an obstacle facing the suggested incline and also might trigger heavy fluctuations.

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