The mixture between Elliott waves and harmonic studies, seen on the hourly chart shows that, the GBP/JPY pair is preparing for positive actions to resume forming the CD leg of the proposed [BAT] pattern. The technical target of the [C] wave of our caught cycle resides at 146.35 followed by 147.40. Henceforth, we keep our outlook to the upside over intraday basis.
Trading range for today is among key support at 140.00 and key resistance at 150.60.
The general trend is to the downside as far as 167.40 remains intact with target at116.00.
|Recommendation||Based on the charts and explanations above our opinion is, buying the pair from 144.30 targeting 146.80 and stop loss below 142.25 might be appropriate.|
Forex Trader Library
Receive over 15 hours (8 CD's) of our best Forex trading education in one package! Containing the newest Advanced Forex CD, this education pack focuses on exactly what you need to know to become a successful Forex Trader.