GBPJPY shows negative crawling – Analysis – 17-2-2017

The GBPJPY pair was affected by the strength of 142.50 resistance to force it to provide negative crawling that agrees with our previously overview, reaching the first target at 141.40, while we expect more negative attempts for the near term period to attempt to move towards 140.30, to test the moving average 55 and extend towards 139.70.

We remind you that succeeding to breach the current resistance will cancel the negative overview to attempt to resume recording gains by moving towards 144.80, while we notice that stochastic declines below 50 to increase the negative pressure on the price and allow it to reach our waited target.

Expected trading range for today is between 142.00 and 140.30

Expected trend for today: Bearish