Morning Report

gbpjpy30_03_2012

The pair declined sharply yesterday, but the bearishness stopped at the strong support of 130.05, which represents the neckline of the double top pattern shown above on the chart, where the pair closed the session yesterday above 61.8% Fibonacci correction at 131.10. Therefore, we are uncertain in regards to the pair's next move, where the technical conflict seen among the negativity of the double top pattern and the positivity driven by the mentioned closing drive us to remain neutral, observing the pairs behavior around the support level of 130.05 and the resistance at 131.60.

The trading range for today is among the major support at 129.00 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

Support130.05129.00128.40128.00127.25
Resistance131.10131.60132.00132.50133.00
RecommendationBased on the charts and explanations above we remain neutral, awaiting more confirmations