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Morning Report
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The GBP/JPY pair is still finding a solid support above 128.75 zones as seen on the provided four hour chart. RSI 14 indicator- momentum indicators' representative- is still carried above the uptrend line and this action suggests that the indicator still has upside areas to be reached. Thereby, we hold onto our positive scenario of the upside recovery for the IM wave over intraday basis.
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The trading range for today is among key support at 126.70 and key resistance at 133.15.
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 | 128.75 | 128.30 | 127.80 | 127.40 | 126.70 |
| 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 breakout above 130.00 targeting 132.40 and stop loss below 128.30 might be appropriate. | ||||
