Morning Report

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The GBP/JPY pair is still moving below 76.4 % Fibonacci level, signaling that the flat correction of our detected Elliott count is still in progress. Therefore we keep our intraday outlook to the downside over intraday basis as this correction is to be seen as the completion of the second wave over short term basis. Thus, the downside [IM] wave-the third-is under preparation. Stochastic supports this overview.

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.

Support145.50145.00144.15143.60142.70
Resistance146.65147.00147.40148.00148.60
RecommendationBased on the charts and explanations above our opinion is, selling the pair from 146.45 targeting 144.15 and stop loss above 148.20 might be appropriate