Morning Report


The GBP/JPY pair is presently attacking the middle line of Keltner channel, attempting to clear the path for bearish actions over intraday basis. The awaiteddescending movementsis based on the bearish harmonic formation under the negative pressure of 76.4% Fibonacci level. AROON has overlapped negatively while Stochastic supports the negative harmonic scenario.

Trading range for the week 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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RecommendationBased on the charts and explanations above our opinion is, selling the pair from 148.60 targeting 146.20 and stop loss above 150.60 might be appropriate.