Duplicated harmonic structure controls movements for the GBP/JPY pair, seen on the provided four-hour chart. The cluster resistance areas, consisting of 61.8% Fibonacci level of XA leg and 161.8% Fibonacci level of BC leg might act as potential reversal zones. Thereby, descending actions could be seen over intraday basis, supported by the overbought sign appearing on RSI 14 indicator.
The trading range for the week is among key support at 138.60 and key resistance at 146.25.
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 142.50 targeting 140.90 and stop loss above 143.65 might be appropriate.|