Morning Report

gbpjpy

As we can see on the provided chart, trading above 142.65 will keep the upside wave valid over intraday basis, despite the continuation of the bearish trend over short and medium term basis; signs of a bullish pattern support the upside channel while MACD is trading steadily above zero. Therefore, we favor an upside move today which might be preceded with a downside correction to retest the neckline for the mentioned pattern at 143.80.

The trading range for today is among key support at 140.00 and key resistance at 149.35.

The general trend is to the downside as far as 167.40 remains intact with target at 116.00.

Support143.80143.10142.65142.25141.50
Resistance144.80145.00145.50146.20146.90
RecommendationBased on the charts and explanations above our opinion is buying the pair at 143.80 targeting 146.20 and stop loss below 142.25 might be appropriate