Morning Report


The GBP/JPY pair failed to maintain levels of 144.55, forcing us to have a look at the pair from a different point of the view. The pure Elliott studies on the four-hour chart have proved that, it's presently abut to form the [B] wave of the entire actions then followed by [C] wave. Thus; the intraday outlook is positive.

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, buying the pair from 145.40 targeting 147.35 and stop loss below 143.60 might be appropriate.