Morning Report

gbpjpy

The pair is still consolidating below the 50% correction that resides in the upper line for the ascending channel structuring the IM shown above. This IM is the A wave of the Zigzag pattern expected to be completed; therefore, we see that the pair is to move to the downside today to form the bearish B wave. Though areas of 136.35 need to remain intact for the scenario to prevail.

The trading range for today is among key support at 132.50 and key resistance at 138.40.

The general trend over short term basis is to the downside, targeting118.80as far as areas of 150.75 areas remain intact.

Previous Report

Weekly Report

Support135.00134.25133.60132.50131.55Resistance135.80136.35136.80137.30138.40RecommendationBased on the charts and explanations above, our opinion is selling the pair from 135.80 to 133.60 and stop loss above 137.90 might be appropriate.