GBPJPY approaches the initial resistance – Analysis – 22-3-2018

The GBPJPY pair gained new positive momentum recently after stochastic approached the overbought areas, to notice its move towards the initial resistance at 150.80, and this resistance is considered as the key barrier between regaining the bullish bias by providing positive close above it, while its stability increases the chances of renewing the correctional bearish trades that target 147.25 level followed by reaching the bullish channel’s support at 145.70.

Until this moment, the bearish overview will remain valid as long as the mentioned resistance remains intact, while breaching the resistance will allow us to wait recording new positive levels that start at 152.80.

Expected trading range for today is between 150.80 and 147.25

Expected trend for today: Bearish