Morning report

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The GBP/JPY pair succeeded to build a solid technical base around 146.20 that is expected to cause a mild upside correction on intraday basis before resuming the downside rally which is targeting 144.15 zones- the second technical target of the allover harmonic structure. The candlesticks construction supports this temporarily bullishness. Technical targets for reside at the upper line of the major descending channel at 148.25 zones

Trading range for today is among key support at 141.60 and key resistance at 153.40

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

Support146.40146.00145.50145.00144.15
Resistance147.40147.85148.25149.35150.00
RecommendationBased on the charts and explanations above our opinion is, buying the pair from 146.80 targeting 148.20 and stop loss below 145.50 might be appropriate.