Morning Report


The GBP/JPY pair is still controlled by the connected bearish harmonic formation as seen on the provided four-hour chart. Thereby, possible bearishness could be seen over intraday basis, supported by the bearish candlesticks formations while a break of 137.30 might bring panic sell-off actions.

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 138.20 targeting 135.50 and stop loss above 140.00 might be appropriate.