Morning Report

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The GBP/JPY inclined, placing a temporarily high around 146.05 areas, whereas it approached our first detected objective. This bullishness is obtained from the mixture studies between Elliott sequence and harmonic formation. Thereby, we still expect additional positive actions on the intraday basis, targeting 147.40 zones, which represent the technical target of [C] wave, where the cycle will be completed.

Trading range for today is among key support at 140.00 and key resistance at 150.60.

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

Support145.00144.60144.15143.20142.25
Resistance145.50146.20147.00147.40147.30
RecommendationBased on the charts and explanations above our opinion is, buying the pair from 145.00 targeting 147.30 and stop loss below 143.20 might be appropriate.