GBPJPY approaches the support – Analysis – 28-2-2018

The GBPJPY pair formed new bearish wave yesterday, to approach from the sideways range’s support at 148.35, until this moment the sideways trading will remain the dominant if the main levels settle, represented by the current support and the resistance at 151.00.

But providing strong negative momentum by the main indicators, particularly stochastic reach below 50 level, so that will increase the chances for breaking the current support and begin forming bearish correctional trading, to expect reaching 146.30 then the bullish channel’s support at 144.80.

Expected trading range for today is between 150.40 and 148.35

Expected trend for today: Neutral