GBPJPY failed to breach – Analysis – 27-5-2016

The GBPJPY price provided new negative close below 162.00 level, affected by the strength of the current resistance that supported by the moving average stability around it, therefore, the price might be affected by intraday negative pressure to test 158.60 level again, therefore, we will suggest the bearish bias in the near trading depending on the stability of the mentioned resistance.

We should mention that the price rally above 162.00 level would confirm regaining the bullish bias, to attempt to reach 164.15 first, to test 38.2% Fibonacci correction level at 168.40 in the upcoming period.

Expected trading range for today is between 162.00 and 158.60

Expected trend for today: bearish if the resistance settled.