GBPJPY still negative – Analysis – 31-5-2017

The GBPJPY pair repeated the fluctuation within the bearish range, to notice its stability around 142.00 level now, moving away from 143.30 resistance, while the price gets its negative momentum through stochastic consolidation below 50 level besides the stability of the moving average 55 above the main resistance, to increase the negative pressure and allow us to wait to break 141.80 barrier followed by reaching the main target at 140.20.

We should note that failing to break 141.80 might force the price to provide intraday positive rebound to attempt to test the resistance that forms the neckline of the double top pattern, followed by starting to form new negative attack and manage to achieve the suggested targets.

Expected trading range for today is between 142.75 and 140.20

Expected trend for today: Bearish