GBPJPY forms minor bearish channel – Analysis – 30-12-2016

The GBPJPY price formed a minor bearish channel that supports our bearish correctional overview, which depends on the stability of the resistance at 144.60, the last positive rebound caused by stochastic reach to the overbought level that increases the chances for hitting the mentioned resistance then begin to form the negative attack, to target 142.80 level reaching to the support at 141.40.

While breaching the bearish channel’s resistance will cancel the bearish correctional overview, to regain its bullish bias to expect its rally to 146.60 reaching to the top at 148.40.

Expected trading range for today is between 144.60 and 142.80

Expected trend for today: bearish.