GBPJPY achieves the initial target– Analysis – 18-8-2017

The GBPJPY pair continued providing negative trading that allows it to reach the initial negative target at 140.35, in spite of the price stability near 23.6% Fibonacci correction level, but the continuation of the negative pressures makes us prefer the price decline below the current obstacle to resume recording the negative targets by reaching 138.50 and 133.70 in the upcoming period.

The stability of the moving average 55 near the resistance at 143.20 confirms the price confinement within the bearish range, and stochastic reach to the oversold level increases the chances for gathering negative momentum, to ease the attempt to decline below the current obstacle and reach the suggested targets.

Expected trading range for today is between 142.00 and 138.50

Expected trend for today: Bearish