GBPJPY looks for extra momentum – Analysis – 18-4-2017

The GBPJPY price provided an intraday positive rebound since this morning affected by stochastic rally to 50 level as appears in the above image, which increases the chances for the price attempt to test the resistance at 137.60 level, to depend on the stability of this level to confirm the continuation of the negativity in the upcoming period, targeting 135.05 and 133.70 level.

The stability of the moving average 55 above the critical resistance at 139.40 forms main factor by the price confinement within the bearish range, to keep waiting for gathering the required momentum and begins to record the suggested negative targets.

Expected trading range for today is between 137.60 and 135.05

Expected trend for today: bearish.