GBPJPY returns to the intraday sideways track – Analysis – 27-10-2016

The GBPJPY couldn’t record any new negative level until this moment, affected by the dominant sideways trading, due to its stability near 127.80 level, we should mention that there is a possibility for the price attraction to the resistance at 129.60, and the stability of this level important to keep the negative stability in the upcoming period, and that makes the price begin the negative attack to target 124.60 reaching to 120.90 level.

Stochastic supports the sideways fluctuation by its stability above 50 level, which contradicts the negativity of the moving average, due to its stability above the price trading, to confirm the domination of the sideways trading in the current period.

Expected trading range for today is between 128.15 and 124.60

Expected trend for today: Bearish