GBPJPY awaits the additional momentum – Analysis – 1-6-2017

The GBPJPY pair did not record any new negative level until this morning due to the contradiction of the major indicators, which forces the price to fluctuate around 142.70 level, but the stability of 143.30 resistance confirms blocking the price within the negative range, to keep waiting to gather the negative momentum again and push on 141.80 level, which breaking it will extend trading bearishly towards 140.20, forming the main target of the near term and medium term period.

We notice stochastic providing attempts to exit the overbought areas, to end any intraday positive pressures and allow the price to gather the negative momentum again to ease the attempt of reaching our targets.

Expected trading range for today is between 143.30 and 141.80

Expected trend for today: Bearish