Weekly Report

gbpjpy09_04_2012

The pair breached the critical support around 130.05 and the support of ascending channel and settled below them, which drive us to expect an intraday downside movement, affected by the double top pattern shadowed in yellow above. The pattern's target is at 126.60, while the bearishness might extend as the pair might retest the previously breached resistance at 125.65. A breach of 130.05 and consolidation above it might support the pair to return to the upside correctional move again.

The trading range for this week is among the major support at 125.65 and the major resistance at 131.15.

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

Previous Report


Support128.40128.00127.25126.65125.65
Resistance130.05131.15132.00132.65133.00
RecommendationBased on the charts and explanations above, our opinion is selling the pair around 130.05, targeting 128.40 and then 126.65 and stop loss below 131.15 might be appropriate