Morning Report

gbpjpy17_04_2012

Trading is still stable below 128.40 which is protected by the MA 50 and therefore our intraday bearish expectations remain valid and initially wait for the full target of the double top pattern -shown in yellow- which reside around 126.55 and then areas of 125.65. The negativity on momentum indicators might delay the awaited targets.

The trading range for today is expected among the key support at 126.65 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

Weekly 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 and stop loss above 129.20 might be appropriate