Morning Report

gbpjpy18_04_2012

The pair started trading with clear positivity to approach the retest of the breached neckline at 130.05 while Stochastic is moving higher towards overbought areas, and this shows the chances for the pair to return to the downside. On the other hand, a bullish pattern is under formation and that might help the pair breach the mentioned level. Therefore, we remain neutral for now and will observe trading around the sensitive levels between 128.40 support and 130.05 resistance.

The trading range for today is expected among the key support at 127.25 and the key resistance at 131.10.

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

Previous Report

Weekly Report

Support129.20128.40128.00127.25126.50
Resistance130.05131.10132.00132.65133.00
RecommendationBased on the charts and explanations above we recommend observing trading today awaiting more confirmations