Morning Report

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The secondary image shows how the GBP/JPY pair has supported as well around the lower line of the ascending channel, which dominates the movements of the harmonic structure;respecting yesterday's technical speculation. More bullishness could be seen over intraday basis, supported by the bullish sign started to appear on RSI and AROON indicator. If this harmonic cycle succeeded in reaching the D2 at 139.85 over short term basis it will be a very successful technical trip, where we caught both, the upside and downside moves during the past two months. We recommend reviewing the weekly report.

The trading range for today is among key support at 131.65 and key resistance at 137.90.

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

Previous Report

Weekly Report

Support134.25133.60133.10132.50131.65
Resistance134.80135.50136.20136.80137.30
RecommendationBased on the charts and explanations above our opinion is, buying the pair around 134.25 targeting 136.80 and stop loss below 132.10 might be appropriate.