Weekly Report

gbpjpy16_04_2012

The pair continues to trade with a downside bias to stabilize below 128.40 and that supports our bearish expectations for the coming period, as we have signs of a bearish pattern forming on the chart above. The coming targets reside at 125.65-35 and we should observe the pair closely there as it is the key to returning to the general downside wave that was halted for the current upside correction.

The trading range for this week is among the key support at 124.70 and the key resistance at 129.20.

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

Previous Report

Support127.25126.50125.65125.00124.70
Resistance128.00128.40129.20130.05131.10
RecommendationBased on the charts and explanations above our opinion is selling the pair around 128.40 targeting 126.65 then 125.65 and stop loss above 129.20 might be appropriate