Morning Report

gbpjpy26

The pair inclined slightly, trading within the same trading range between the 61.8% and 76.4% retracements of the CD leg of the butterfly harmonic pattern at 133.90 and 132.45 respectively, stochastic is overbought , while ADX is exhausted, therefore, our previous negative expectations is still valid. Breaching 134.80 may delay the suggested move.

The trading range for today is among the major support at 128.40 and the major resistance at 134.20.

The short term trend is to the downside, targeting 118.80 as far as 150.75 level remain intact.

Previous Report

Weekly Report

Support132.50132.00131.05130.50129.40
Resistance133.60134.20135.00135.50136.20
RecommendationBased on the charts and explanations above our opinion is, selling the pair with a breakout below 132.25 targeting 128.90 and stop loss above 134.50 might be appropriate.