Morning Report

gbpjpy06_04_2012

The pair has stabilized above the pivotal support of 130.05 while trading remains stable within the ascending channel. Thus, we may witness a potential upside move today targeting 132.00 followed by 133.45 as far as 130.05 holds.

The trading range for today is among the major support at129.25 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

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 around 130.05 targeting 132.00 and stop loss below 129.25 might be appropriate.