As discussed in yesterday's midday report; the mixture studies between harmonic and Elliott count proves that the GBP/JPY pair is about to find PRZ for the allover cycle that started at 139.35. Stochastic has negatively crossed over and therefore potential descending actions could be seen today.
The trading range for the week is among key support at 134.55 and key resistance at 140.50.
The general trend over short term basis is to the downside, targeting 126.80 as far as areas of 146.20 remain intact.
|Recommendation||Based on the charts and explanations above our opinion is, selling the pair from 137.80 targeting 135.60 and stop loss above 139.35 might be appropriate.|