Midday Report

The GBP/JPY is moving in a very narrow range above the key support level over shot term basis of 76.4% Fibonacci at 141.70 offering the probability for a price explosion. We think that it will be to the upside based on the awaited re-testing action for the neckline of the classical pattern. RSI and AROON still support our overview.

The trading range for today is among key support at 138.70 and key resistance at 147.00.

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

RecommendationOur morning expectations remain valid