Morning report

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The GBP/JPY pair is trapped between the key resistance level of 151.60 and pivotal support areas of 149.35, preparing to form the potential CD leg for the previous explained harmonic formation. A breakout below 149.35 may bring a negative acceleration; Stochastic supports our suggested negative scenario over intraday basis.

Trading range for today is among key support at 143.60 and key resistance at 154.60.

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

Support149.35148.60147.85147.40146.80
Resistance150.60151.25151.75152.30153.40
RecommendationBased on the charts and explanations above our opinion is, selling the pair from 150.50 targeting 148.30 and stop loss above 152.30 might be appropriate.