The GBP/JPY pair declined aggressively, closing below the middle line of Bollinger bands influenced by the previous detailed bearish harmonic AB=CD pattern as seen on the provided four-hour chart. Areas of 123.35 could be re-tested before achieving additional negative actions as we discussed in our weekly report. Therefore the bearishness might dominate the pair's trend over intraday basis, particularly if it breached the pivotal support levels of 131.25-colore in red-.
The trading range for today is among key support at 128.40 and key resistance at 134.25.
The general trend over short term basis is to the downside, targeting 118.80 as far as areas of 150.75 areas remain intact.
Support131.25131.00130.50129.70128.40Resistance132.35133.15134.25134.90135.50RecommendationBased on the charts and explanations above our opinion is, selling the pair from 132.35 targeting 129.70 and stop loss above 134.30 might be appropriate.