Morning Report

gbpjpy22

The pair is currently trading around 130.00 which is the bottom of point C of the bearish butterfly pattern shown above. Harmonic trading suggests that trading below this level should extend the pattern's targets toward 127.1% of the CD leg; the intraday resistance at 130.80 is also protecting the downside move that we are expecting for today.

Trading range for the week is among the major support at 126.70 and the major resistance at 132.45.

The short term trend is to the downside as long as 150.75 holds, targeting 118.80.

Previous Report

Weekly Report

Support129.40129.05128.40127.60126.70
Resistance130.50130.80131.05131.60132.00
RecommendationBased on the charts and explanations above our opinion is selling the pair around 130.15 targeting 127.40 and stop loss above 132.25 may be appropriate for today.