GBPJPY provides new negative signal – Analysis – 8-3-2017

The GBPJPY price managed to provide clear negative close below 18.80 level, to surpass 38.2% Fibonacci correction level, to confirm the domination of the bearish bias in the upcoming trading, reminding you that the bearish scenario depends on the stability of the price within the bearish channel’s levels, which increases the negative pressure on the current trading, to expect targeting 137.60 level in the near period.

We notice stochastic attempt to reach the oversold level, which provides the required negative momentum to resume the negative attempts until reaching the suggested targets.

Expected trading range for today is between 139.00 and 137.00

Expected trend for today: bearish.