Morning Report


Connected bearish harmonic structures controlled the movements of the GBP/JPY pair and it is clear that, yesterday's expected bullishness has been limited around 61.8% Fibonacci level at 139.30 as seen on the provided four-hour chart. Thereby, potential downside movements could be witnessed over intraday basis, supported by the negative signs appearing on the momentum and trend indicators.

The trading range for today is among key support at 133.60 and key resistance at 142.25.

The general trend over the short term basis is to the downside, targeting 126.80 as far as areas of 146.20 areas remain intact.

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RecommendationBased on the charts and explanations above our opinion is, selling the pair from 137.80 targeting 135.50 and stop loss above 139.75 might be appropriate.