The GBP/JPY pair approached the detected areas of reversal around 134.25, where it started to decline sharply claiming that the suggested 5th wave of the above shown Elliott count might have been started. Thus; potential downside movements could be seen over intraday basis. Stochastic supports this negative anticipation.
The trading range for the week is among key support at 129.70 and key resistance at 137.30.
The general trend is to the downside as far as 167.40 remains intact with target at116.00.
Support132.90132.00131.60130.50129.75Resistance133.60134.25134.90135.50136.20RecommendationBased on the charts and explanations above our opinion is, selling the pair from 133.20 targeting 131.50 and stop loss above 135.15 might be appropriate.