Morning Report

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After reaching the projected technical target for yesterday's analysis at 148.50 zones, GBP/JPY pair is mildly correcting this aggressive bearish moves. Now, coming below 23.6% Fibonacci level opened the door towards the 2nd objective at 146.40 zones. This potential negative outlook is based on the potential completion for the CD leg of the previous explained harmonic formation. The present correction may re-test the broken support turned into resistance at 149.35 before resuming the downside move.

The 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.

Support148.50147.85147.40146.45145.50
Resistance149.35150.00150.60151.25151.75
RecommendationBased on the charts and explanations above our opinion is, selling the pair from 149.30 targeting 146.90 and stop loss above 151.25 might be appropriate