Morning report

The hourly piercing pattern that's appearing on the subsidiary image shows that a bullish correctional wave is still highly anticipated on the intraday basis, pushing the GBP/JPY pair to re-test the broken neckline of our captured daily double top around 147.00 zones. RSI 14 is still moving inside oversold areas while AROON down has already penetrated the value of 70.00. To recap, the correction is urgently needed inside the bigger bearish picture.

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.

Support142.20141.60141.00140.25139.70
Resistance143.00143.90144.95145.50146.20
RecommendationBased on the charts and explanations above our opinion is, buying the pair from 142.20 targeting 144.80 and stop loss below 140.25 might be appropriate.