The GBP/JPY pair failed to breach the initial resistance areas of 149.35 in its first attempt this week. The secondary image of the four-hour interval shows that, it succeeded in forming a bullish candlestick formation that encourages us to keep our outlook to the upside inside our detected bullish channel which controls the CD leg of the potential harmonic formation. Technical targets reside at 151.75 followed by 152.30 zones.
Trading range for today is among key support at 143.20 and key resistance at 153.40.
The general trend is to the downside as far as 167.40 remains intact with target at116.00.
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|Recommendation||Based on the charts and explanations above our opinion is, buying the pair from 148.35 targeting 151.00 and stop loss below 146.80 might be appropriate.|