The GBP/JPY pair has moved within a very narrow range during the previous week, but this stable move below SMA 50 argues us to say that, it is preparing to for a price explosion. Henceforth, descending bearish movements could be witnessed during this week based on the suggested Elliott count as we believe that, the fifth wave is in progress to complete the [IM] structure.
The trading range for this week is among key support at 130.00 and key resistance at 150.60.
The general trend is to the downside as far as 167.40 remains intact with target at116.00.
Support140.00139.25138.60137.40136.50Resistance141.50142.25143.60144.15145.00RecommendationBased on the charts and explanations above our opinion is, selling the pair from 141.50 targeting 135.45 and stop loss above 145.00 might be appropriate.