Morning Report

gbpjpy13_04_2012

The pair is stable below 129.20 and that keeps our intraday bearish expectations intact, which depend on the negative effect of the double top pattern shaded in yellow. The expected targets start at 128.40 then 126.65 and require stability below 130.05.

The trading range for today is expected among the key support at 126.65 and the key resistance at 130.05.

The short term trend is to the downside as far as 150.00 remains intact with targets at 112.00.

Previous Report

Weekly Report

Support128.40128.00127.25126.50125.65
Resistance129.20130.05131.10132.00132.65
RecommendationBased on the charts and explanations above our opinion is selling the pair around 129.20 targeting 128.40 then 126.65 and stop loss above 130.05 might be appropriate