The GBPJPY price provided an intraday positive rebound yesterday affected by stochastic rally above 50 level surpassing 138.80 level, but the stability of the main bearish channel’s resistance at 140.00 forms a main factor to confirm the negativity in the upcoming trading, to wait for gathering new negative momentum, to repeat the attempts of reaching the suggested targets that begin at 137.60 reaching to 135.90.
We should mention that the price attempt to breach the main resistance will change the main trend, to begin building new bullish bias, and 141.40 level forms the initial positive target to wait until reaching 142.50.
Expected trading range for today is between 140.00 and 137.60
Expected trend for today: bearish.