Morning Report


After reaching the defined technical objective mentioned in yesterday's reports and seen on the provided image, the GBP/JPY pair confirmed the bigger picture of the suggested Elliott count. Settling below the psychological levels of 140.00 is able to bring additional bearishness over intraday basis inside the IM wave which should form the fifth wave.

The trading range for the week is among key support at 133.20 and key resistance at 141.50.

The general trend is to the downside as far as 167.40 remains intact with target at116.00.

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RecommendationBased on the charts and explanations above our opinion is, selling the pair from 137.65 targeting 134.90 and stop loss above 139.70 might be appropriate.