The GBP/JPY pair is still building a technical base to attack the upper line of our suggested CT formation while Stochastic is still trending upwards affected by the bullish harmonic structure. Henceforth, we still believe that it might move to the upside over intraday basis. Note that, the movements are slow as this is the nature of the corrective structures and once it breached the aforesaid resistance line it could soar towards the key resistance levels of 136.20 zones.
The trading range for today is among key support at 130.50 and key resistance at 136.20.
The general trend over short term basis is to the downside, targeting 118.80 as far as areas of 150.75 areas remain intact.
Support132.50131.60131.25130.50129.75Resistance133.65134.25134.80135.50136.20RecommendationBased on the charts and explanations above our opinion is, buying the pair around 132.60 targeting 136.20 and stop loss below 130.50 might be appropriate.