Morning Report

gbpjpy03_04_2012

The pair reversed to the downside after reaching the resistance of the sideway range at 133.45, but the pair is still stable above 61.8% Fibonacci correction at 131.10, which supports our intraday positive expectations to remain valid. But, consolidation above 130.05 is necessary for the suggested upside move. SMA 50 supports the pair from below.

The trading range for today is among the major support at 130.05 and the major resistance at 133.45.

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

Previous Report

Weekly Report

Support131.10130.05129.25128.40128.00
Resistance132.00132.65133.00133.45134.05
RecommendationBased on the charts and explanations above, our opinion is buying the pair around 131.10, targeting 133.45 and stop loss below 130.05 might be appropriate