GBPJPY gets ready to decline – Analysis – 17-10-2016

The GBPJPY price begun gathering the negative momentum to notice forming a new bearish wave by stochastic, to confirm the readiness of the price to the negative attack that targets 123.15 level reaching 120.90, the stability of the resistance at 129.60 important to avoid any bullish correctional rally that might contradicts the waited negativity.

In general, we notice the stability of the price within the main bearish channel in the above image, which increase the negative pressure to wait for the price reach to the suggested targets.

Expected trading range for today is between 127.50 and 123.15

Expected trend for today: bearish