GBPJPY faces strong support – Analysis – 23-3-2017

The GBPJPY price attempted to provide new negative trading by its fluctuation below 139.00 level to face strong support at 137.75 level, since it forms 50 %Fibonacci correction level as appears in the above image, but the continuation of providing negative trading below the moving average 55 at 140.15 will force the price to repeat the negative attempts, note that we need to break the support at 137.75 will confirm the continuation of the negativity in the upcoming trading, which opens the way towards suffering more of the losses until reaching 135.15.

Which makes us prefer the negative attempts due to facing clear negative pressures and the most important stochastic attempt to settle below 50 level, which provides new negative momentum that pushes the price to suffer losses that begin from this moment.

Expected trading range for today is between 139.40 and 137.75

Expected trend for today: bearish.