The GBP/JPY pair could notmaintain levels above pivotal resistance areas of 141.50, where it succeeded in forming a shooting star pattern alongside negative sign appearing on Stochastic. Thereby, potential downside movements could be witnessed over intraday basis, supported by the bigger picture of 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.
Support140.00139.25138.60137.90137.25Resistance140.50141.50142.25142.75143.45RecommendationBased on the charts and explanations above our opinion is, selling the pair from 140.50 targeting 138.60 and stop loss above 141.60 might be appropriate.