Morning Report


The negative pressure obtained from the bearish harmonic pattern, along with breaching the uptrend line, seen on the provided chart, has taken the pair to the projected technical target of yesterday's report at 143.80-check it here-. Presently, additional bearishness is to be witnessed over intraday basis; retargeting 142.00 zones, supported by yesterday's negative closing and the bearish signs appearing on Stochastic.

Trading range for today is among key support at 141.50 and key resistance at 151.60.

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

Eye on GBP/JPY pair -click here-.

RecommendationBased on the charts and explanations above our opinion is, selling the pair from 145.50 targeting 142.90 and stop loss above 147.40 might be appropriate.