Morning Report


The GBP/JPY pair is moving inside a bearish channel that manages the movements of an IM- impulsive- wave as seen on the provided four-hour chart. We see how the fifth wave is needed to complete this impulsive action. Thus; potential downside movements are to be witnessed over intraday basis, supported by Stochastic.

Trading range for the week is among key support at 140.00 and key resistance at 148.60.

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 144.90 targeting 142.25 and stop loss above 147.30 might be appropriate.