Midday Report

The same case that occurred with the GBP/JPY is highly anticipated to be activatedover short term basis, as we see that the pair is preparing for a big correctional downside waves for our captured Elliott sequence as seen on the above four-hour chart. Hence, we keep our outlook to the downside for the rest of the day, supported the harmonic butterfly formation.

Trading range for today is among key support at 134.15 and key resistance now at 140.50.

The general trend is to the downside as far as 141.44 remains intact with targets at 100.00 followed by 88.97 levels.

RecommendationOur morning expectations remain valid