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Morning Report
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The GBP/JPY pair is still building a base to be able to breach the key resistance of 130.50 and whilst the uptrend line which carries the upside momentum still hold. Consequently, we keep our proposed bullish outlook over intraday basis, supported by the suggested Elliott count.
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The trading range for today is among key support at 126.70 and key resistance at 134.20.
The general trend over short term basis is to the downside, targeting 118.80 as far as areas of 150.75 areas remain intact.
| Support | 129.25 | 128.75 | 128.00 | 127.80 | 127.30 |
| Resistance | 130.00 | 130.50 | 131.00 | 131.65 | 132.00 |
| Recommendation | Based on the charts and explanations above our opinion is, buying the pair with a break of 130.50 targeting 132.80 and stop loss below 128.70 might be appropriate. | ||||
