Affected by the secondary bullish harmonic pattern, the GBP/JPY pair inclined sharply and was very close to the suggested technical objective, mentioned in our yesterday's report. The previous explained Elliott count is still in favor and thus; more bullishness could be witnessed over intraday basis as wave C still has technical targets to be reached. The stable move above 23.6% Fibonacci level supports this scenario.
The trading range for today is among key support at 129.70 and key resistance at 137.30.
The general trend over short term basis is to the downside, targeting 118.80 as far as areas of 150.75 areas remain intact.
Support132.50132.10131.25130.50129.70Resistance133.60134.25134.90135.50136.20RecommendationBased on the charts and explanations above our opinion is, buying the pair around 132.50 levels targeting 134.90 and stop loss below 130.50 might be appropriate.