Morning Report

gbpjpy20_03_2012

The pair returned to continue the upside bias, stable above 132.00, where the pair is trading around the resistance of the ascending channel shown above. In general, consolidation above 61.8% Fibonacci correction supports the suggested intraday upside move to remain valid today, while reaching the next correction of 76.4% at 134.50 is also possible, noting that consolidation above 131.10 is necessary for the pair to achieve the suggested targets.

The trading range for today is among the major support at 131.10 and the major resistance at 134.50.

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

Previous Report

Weekly Report

Support131.75131.10130.10129.00128.40
Resistance132.30133.00134.05134.45135.10
RecommendationBased on the charts and explanations above, our opinion is buying the pair around 131.75, targeting 133.00 and 134.50 and stop loss below 131.10 might be appropriate