Technical Analysis for GBP/JPY

Technical Analysis for GBP/JPY

The GBP/JPY pair dropped yesterday verifying the commencement of the bearish correction. We still believe that potential downtrend is available – it conduct more correction unless 148.25 is breached. Stability below Linear Regression Indicators in confjuction with the negative bias showing on Stochastic support our forecasts. On intraday basis, the pair must stabilize below 147.40 to maintain potential downside correction valid.

The trading range expected for today is between the key support at 143.15 and the key resistance at 148.25

The short-term trend is downside targeting 112.00 if 150.00 remains intact

Support: 146.50, 145.80, 145.50, 145.00, 144.65
Resistance: 146.85, 147.40, 147.95, 148.25, 148.75

Recommendation Based on the above grape and explanation, we believe selling the pair below 146.50 targeting 145.80, 145.00 and 144.65 and stop-loss with four-hour closing above 147.40 would be suitable