Midday report

The GBP/JPY pair is presently attacking the support level of 50% Fibonacci at 146.45 after the sharp declines that occurred during the previous session. These downside movements confirm the continuation for theCD leg for the suggested harmonic [Bat] pattern. AROON also shows that the downtrend strengthens. Therefore we keep our potential bearish overview on intraday basis.

Trading range for today is among key support at 141.60 and key resistance at 153.40.

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