Morning Report

gbpjpy25_04_2012

The pair provided a daily closing yesterday above 131.10, which suggests the continuity of the intraday upside move today, targeting mainly the return of the previously breached ascending channel through the level of 132.50. The negativity of momentum indicators might trigger some fluctuations before reaching the targets at 132.50 and then 133.45.

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

Support131.10130.05129.20128.40128.00
Resistance132.00132.50133.00133.45134.05
RecommendationBased on the charts and explanations above, our opinion is buying the pair around 131.10, targeting 132.50 and then 133.45 and stop loss with 4-hour closing below 129.20 might be appropriate