Midday report

The GBP/JPY is still trapped in a narrow range since morning, supported above 76.4% Fibonacci level that is awaited to push it to re-test the broken neckline of our captured daily double top around 147.00 zones. RSI 14 is still signaling a positive sign while AROON is confirming the anticipated slight upside correction inside the bigger bearish scenario. Therefore we keep our intraday overview to the upside for the rest of the day.

Trading range for today is among key support at 139.70 and key resistance at 147.30.

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

RecommendationOur morning expectation is still valid.