Morning Report

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The GBP/JPY pair succeeded in showing two new positive signs as AROON overlapped positively, showing the strength of the recently established upside recover, while RSI 14 created a positive divergence as seen on the provided four hour chart. Thereby, we keep our overview to the upside today, supported by the suggested Elliott count. A break of 130.50 is needed to confirm our scenario.

The trading range for today is among key support at 126.70 and key resistance at 134.25.

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

Support129.25128.75128.00127.80127.30
Resistance130.50131.00131.65132.00132.50
RecommendationBased on the charts and explanations above our opinion is, buying the pair with a break of 130.50 targeting 132.80 and stop loss below 128.70 might be appropriate.