Morning Report

gbpjpy29_03_2012

The pair continued to trade bearishly yesterday, but stable above 61.8% Fibonacci correction at 131.10, which encourages us to hold onto our intraday positive expectations today. A breach of 131.10 should support the pair to extend the upside move towards 130.05 and in result the double top pattern mentioned earlier will be completed and therefore the intraday move will turn negative.

The trading range for today is among the major support at 130.05 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 Repor

Support131.10130.05129.00128.40128.00
Resistance132.00132.50133.00133.55134.05
RecommendationBased on the charts and explanations above, our opinion is buying the pair around 131.10, targeting 132.50 and then 133.45 and stop loss below 130.05 might be appropriate