Morning Report

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The GBP/JPY succeeded in reaching the defined technical target of the weekly report, seen on the provided weekly chart. Breaching the uptrend line has opened the door up for achieving additional bearish actions, as the medium term Elliott count proves that the fifth wave is needed to complete the IM downside construction. Thereby, potential negative actions might be witnessed over intraday basis.

The trading range for the week is among key support at 134.70 and key resistance at 144.15.

The general trend is to the downside as far as 167.40 remains intact with target at116.00.

Weekly Report Previous Report

Support140.50140.00139.25138.60137.80
Resistance141.25142.25143.10144.15145.00
RecommendationBased on the charts and explanations above our opinion is, selling the pair from 141.25 targeting 138.80 and stop loss above 143.10 might be appropriate.