Morning Report

In line with our proposed scenario in the midday report, the pair is currently correcting the aggressive upside move occurred yesterday. We still believe that, it is gathering the momentum it needs to resume the formation of C wave for our previous explained Elliott count. Momentum indicator will be completely relieved around 134.40 zones. To conclude, potential bullishness could be witnessed over intraday basis.

The trading range for today is among key support at 131.25 and key resistance at 138.60.

The general trend over short term basis is to the downside, targeting 118.80 as far as areas of 150.75 areas remain intact.

Weekly Report Previous Report

Classical GBP/JPY

Support134.45133.60133.15132.50131.60Resistance135.50136.20136.80137.30138.60RecommendationBased on the charts and explanations above our opinion is, buying the pair around 134.40 targeting 136.80 and stop loss below 132.50 might be appropriate.