Morning Report


The GBP/JPY pair has collapsed downwards, reaching the detected technical target of yesterday's report at 146.20. The breakout below the uptrend line of the wedge formation that controls the CD leg of the bearish harmonic pattern,which willbring additional bearishness over an intraday basis. AROON and Stochastic support this negative anticipation.

Trading range for today is among key support at 141.50 and key resistance at 150.60.

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 146.80 targeting 144.30 and stop loss above 148.60 might be appropriate.