Technical Analysis for GBP/JPY
Examining the four-hour interval graph, two tops have been set up where the former is located higher than the latter and momentum indicators are reflecting a downside bias. Based on these technical indications, we suggest the occurrence of a potential bearish correction, via which the GBP/JPY might retest 142.50. Note that stability below 144.65 is vital to maintaining the afresaid correction.
The trading range expected today is between the key support at 141.10 and the key resistance at 145.80
The short-term trend is downside targeting 133.60 if 147.80 remains intact
Support: 143.15, 142.85, 142.50, 142.00, 141.80
Resistance: 143.60, 144.25, 144.65, 145.00, 145.80
Recommendation Based on the above graph and explanation, we recommend selling the pair below 143.50 targeting 142.85, 142.50 and 142.00 and stop-loss with four-hour closing above 144.25.