GBPJPY awaits to confirm the break – Analysis – 21-8-2017

The GBPJPY pair failed to confirm breaking the support near 140.40, which forces it to provide intraday sideways trading as appears in the above image, the price might be forced to test 140.10 level until gathering new negative momentum, then repeats the attempt to surpass the current support, which opens the way towards recording new negative targets that begin at 138.50 reaching to 133.65 in the upcoming period.

Stochastic stability above 20 level forms the main factor for the price affection by the sideways intraday trading, note that the attempt to decline below the oversold level will open the way towards gaining the required negative momentum to achieve the suggested targets.

Expected trading range for today is between 141.10 and 138.50

Expected trend for today: Bearish