Mid-day report

The upside retracement started as Sterling versus Japanese yen has been able to breach 61.8% Fibonacci level as we mentioned in our technical messages. Now additional bullish movements are expected for the rest of the day targeting 152.80 zones and may extend further towards 153.60 zones. The bullish candlesticks formation on the secondary 4h chart support our overview.

The trading range for today is among key support at 145.50 and key resistance at 155.80.

The general trend is to the downside as far as 167.40 remains intact with target at116.00.

RecommendationOur morning expectation is still valid