Morning Report

The GBP/JPY pair has been capable of reaching the detected technical objective of 141.80, forming a bearish engulfing candlestick on the daily charts. Thus; the bearishness might be resumed towards 140.50 zones to complete the first corrective wave of our captured Elliott cycle that stated at 131.90 zones.

The trading range for today is among key support at 139.75 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.

Weekly Report Previous Report

Support141.80141.50141.00140.50139.75Resistance142.75143.60144.10144.80145.50RecommendationBased on the charts and explanations above our opinion is, selling the pair from 142.75 targeting 140.50 and stop loss above 144.80 might be appropriate.