GBPJPY keeps the negativity – Analysis – 23-1-2017

The GBPJPY price provided new negative closes below the bearish  channel’s resistance at 142.00, to begin forming new bullish rally by reaching 140.80, which confirms our negative suggestion, to keep waiting for recording the expected targets at 140.00 reaching to 138.80 in the near and medium period.

Stochastic decline to the oversold level supports the negative suggestion, which provides the required momentum for achieving the suggested targets, and the stability of the moving average 55 above the price trading reinforces the negative pressures, to force the price to form the negative attack.

Expected trading range for today is between 141.80 and 140.00

Expected trend for today: bearish.