Morning Report


The GBP/JPY pair is moving ideally towards the upper line of our detected bearish channel as seen on the provided four-hour chart, whereas the internal forth wave of the IM (impulsive) construction. From there bearish actions are to be witnessed over intraday basis to form the fifth wave.

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.