Morning Report

gbpjpy04_04_2012

The pair is stable above 61.8% Fibonacci correction at 131.10, which supports the intraday upside move to remain valid, where the pair is still within the ascending correctional channel shown above, and now it must breach the resistance of the sideway range shadowed above at 133.45. A breach of 131.10 will pressure the pair to retest the main support of the intraday upside move at 130.05.

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