The GBP/JPY pair declined mildly yesterday, retesting the initial support level of 140.90. The secondary four-hour chart shows that the bearish movements are controlled inside a descending channel. Thus; further bearishness could be seen over intraday basis, supported by our suggested Elliott count.
The trading range for the week is among key support at 137.20 and key resistance at 145.50.
The general trend is to the downside as far as 167.40 remains intact with target at116.00.
Support140.90140.50140.00139.25138.60Resistance141.50142.25142.60143.25143.65RecommendationBased on the charts and explanations above our opinion is, selling the pair with a breakout below 140.90 targeting 138.60 and stop loss above 142.60 might be appropriate.