Morning Report

gbpjpy12_04_2012

The pair is still stable below 129.20, slightly biased to the upside since the morning, providing attempts to retest the mentioned level, supported by the positivity of momentum indicators. In general, our intraday negative expectations remain valid, targeting mainly 128.40 and then 126.65, while consolidation below 129.20 and 130.05 is necessary for our negative expectations to prevail.

The trading range for today is among the major support at 126.65 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

Support128.40128.00127.25126.65125.65
Resistance129.20130.05131.15132.00132.65
RecommendationBased on the charts and explanations above, our opinion is selling the pair around 129.20, targeting 128.40 and then 126.65 and stop loss above 130.05 might be appropriate