Morning Report

Ten pips separated between the pair and our yesterday's proposed technical objective at 137.30. The GBP/JPY pair has passed over 50% Fibonacci level after breaching the upper line of the CT formation, and after breaching the pivotal resistance of 136.20-current support-. Therefore, the suggested Elliott sequence proved its efficiency. Stochastic needs some kind of relief before resuming the potential upside rally of C wave over intraday basis.We recommend reviewing the previous report.

The trading range for today is among key support at 133.15 and key resistance at 140.00.

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

Support136.20135.50135.00134.80134.20Resistance137.30138.40139.10139.75140.00RecommendationBased on the charts and explanations above our opinion is, buying the pair around 136.35 targeting 139.10 and stop loss below 134.10 might be appropriate.