GBPJPY surrenders to the correctional bearish bias – Analysis – 5-10-2017

The GBPJPY pair was forced to postpone the bullish rally by facing strong negative pressures to settle below 149.20 support line, expecting to suffer slight losses in the near term period until touching 147.80 level that forms historical support and urges us to monitor the price behavior after achieving this correctional target to manage to detect the next main trend.

We should note that the continuation of the negative pressures might force the price to resume the correctional bearish bias by declining below 147.80 level and target 145.10 in the upcoming period.

Expected trading range for today is between 149.20 and 147.80

Expected trend for today: Bearish