Morning Report

gbpjpy24_04_2012

The pair is trading within critical levels between the support of 130.05 and the resistance 131.10, while Stochastic continues to force negative pressures over intraday basis, in the time SMA 50 supports the pair form below. In general, consolidation above 130.05 drives us to hold onto our positive expectations, noting that a breach of 131.10 and consolidation above 130.05 are important for our suggested positive scenario.

The trading range for today is among the major support at 129.20 and the major resistance at 132.65.

The short-term trend is to the downside as far as 150.00 remains intact targeting 112.00.

Previous Report

Weekly Report

Support130.05129.20128.40128.00127.25
Resistance131.10132.30132.65133.00133.45
Recommendation Based on the charts and explanations above, our opinion is buying the pair with 4-hour closing 131.10, targeting 132.30 and then 133.45 and stop loss with 4-hour closing below 129.20 might be appropriate