Morning report

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According to our captured short term Elliott sequence, the GBP/JPY pair corrected slightly to form the internal waves of the bigger A-B-C. This correction is awaited to be limited below the pivotal level of 61.8% at 151.60 zones before resuming the downside rally. Hence we keep the intraday outlook to the downside.

Trading range for today is among key support at 143.90 and key resistance at 155.80.

The general trend is to the downside as far as 167.40 remains intact with target at116.00.

Support150.00149.35148.60147.85146.80
Resistance151.00151.60152.30153.10153.65
RecommendationBased on the charts and explanations above our opinion is, selling the pair from 151.00 targeting 148.40 and stop loss above 152.85 might be appropriate.