Morning Report


The GBP/JPY pair declined slightly and it is still trapped below 139.10 zones, affected by the bearish effect of the suggested short term Elliott waves and the PRZ pf our capture BAT pattern. Hence, possible negative movements could be seen over intraday basis.

The trading range for today is among key support at 135.00 and key resistance at 141.50.

The general trend over 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 138.90 targeting 136.20 and stop loss above 140.85 might be appropriate.