Morning Report

gbpjpy

The pair expectedly declined in our previous reports and consolidated below the major resistance for the short term downside wave,while aiming at stabilizing below the 50% correction. The stochastic has provided negative signs supporting the bearish possibility for today, which will be further confirmed with steady trading below 146.20.

The 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 at 116.00.

Support146.20145.60145.00144.15143.60
Resistance146.80147.40147.85148.30149.00
RecommendationBased on the charts and explanations above our opinion is selling the pair from 146.55 targeting 145.60 and stop loss above 147.90 might be appropriate