Morning Report

gbpjpy05_04_2012

The pair closed the session yesterday below the level of 131.10, which is a negative sign that adds more downside pressures on the pair that is already trading within the sideway range shown above -the shadowed areas-. The pair is still stable above 130.05; therefore, our positive expectations remain valid, noting that trading above 131.10 again and stability above 130.05 are required for our expectations to prevail.

The trading range for today is among the major support at 129.25 and the major resistance at 130.05.

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

Previous Report

Weekly Report

Support130.05129.25128.40128.00127.25
Resistance131.10132.00132.65133.00133.45
RecommendationBased on the charts and explanations above, our opinion is buying the pair with 4-hour closing above 131.10, targeting 133.45 and stop loss below 130.05 might be appropriate