Morning Report

gbpjpy11

The pair declined to currently trade in areas below 50% around 128.40. This level turned into resistance after being a support, while trading below this level might trigger more bearishness today, affected by the bearish technical structure and the breach of the ascending channel. But, fluctuations and corrections are possible due to the positivity on momentum indicators. But any trading below 131.15 supports the downside movement to remain valid.

The trading range for today is among the major support at 125.30 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

Weekly Report

Support128.00127.25126.65125.70125.30
Resistance128.40129.20130.05130.80131.15
RecommendationBased on the charts and explanations above, our opinion is selling the pair around 129.20, targeting 128.40 and then 125.30 and stop loss above 130.05 might be appropriate