GBPJPY cancels the bullish pattern – Analysis – 01-06-2016

The GBPJPY pair cancelled the bullish pattern by declining towards 160.00 level, affected by intraday negativity by moving below the moving average 55 again, while settling below 162.00 now allows us to suggest some negative trading and attempt to reach 157.35, followed by monitoring the price behavior to detect the next trend.

Stochastic forming to negative wave and settling below 50 level supports the negative domination for the near term trading, to keep waiting to reach the expected target, while rallying above 162.00 level will push the price to rise again, waiting to reach 164.15 positive target.

Expected trading range for today is between 162.15 and 157.30

Expected trend for today: Bearish