The GBP/JPY pair couldn't maintain levels above the key resistance of 143.60 yesterday as we discussed before, while the secondary image of the four-hour chart shows a bearish candlesticks construction. Therefore, the bigger harmonic picture could be activated and consequently negative movements could be seen today.
The trading range for today is among key support at 139.10 and key resistance at 146.20.
The general trend over short term basis is to the downside, targeting 126.80 as far as areas of 146.20 areas remain intact.
Support142.75142.35141.50140.80140.50Resistance143.60144.25145.00145.50146.20RecommendationBased on the charts and explanations above our opinion is, selling the pair with a breakout below 142.75 targeting 140.00 and stop loss above 144.90 might be appropriate.