Morning Report

After the bullish move that took the GBP/JPY pair to place a temporary high at 143.10, the pair is facing the bearish trend line as seen on the provided daily chart, which may be able to force it to correct mildly towards the key support line of 140.30 before resuming the re-testing action for the broken neckline for the classical pattern. The four hour chart as seen on the secondary image has formed a descending triangle and for that we expect that today's outlook will be to the downside.

The trading range for today is among key support at 137.90 and key resistance at 145.50.

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

Support141.60141.00140.25139.70138.40
Resistance142.40143.10143.90144.40145.50
RecommendationBased on the charts and explanations above our opinion is, selling the pair from 142.40 targeting 140.30 and stop loss above 144.15 might be appropriate