The secondary four-hour of the Heiken-Ashi indication shows that, the GBP/JPY pair is still negatively pressured by breaching the uptrend line of the medium term basis. Therefore, we believe that bearish actions might be seen today, supported by our suggested Elliott count.
The trading range for the week is among key support at 135.50 and key resistance at 144.15.
The general trend is to the downside as far as 167.40 remains intact with target at116.00.
|Recommendation||Based on the charts and explanations above our opinion is, selling the pair from 139.60 targeting 137.25 and stop loss above 141.50 might be appropriate.|