GBPJPY failed to achieve the breach – Analysis – 16-2-2017

The GBPJPY price failed to achieve the required breach to the resistance at 142.50, which forces it to form an intraday bearish trading as appears in the above image, note that the continuation of the resistance stability might force the price to form bearish correctional trading, to target the moving average 55 at 141.40.

While the price success to achieve the breach supports the continuation of the positivity, which makes us to wait for reaching the targets at 144.80 reaching to 145.45 level, we should mention that stochastic surpass to the overbought level might increase the negative fluctuation in the near period until reaching the correctional target.

Expected trading range for today is between 142.50 and 141.40.

Expected trend for today: bearish.