GBPJPY approaches from the resistance – Analysis – 20-1-2017

The GBPJPY pair continued to form correctional bullish waves to approach from the bearish channel's resistance around 142.25, while we should note that the stability of this resistance will force the price to regain the bearish bias, targeting 140.00 level as a first negative target for the near term and medium term period.

On the other hand, attempting to surpass the above mentioned resistance will cancel the negative overview and start forming main bullish bias to target 23.6% Fibonacci level around 143.25, followed by moving towards 145.40, thus, we will expect the bearish bias for today, noting that it is important to monitor the price behavior in case it touched the main resistance.

Expected trading range for today is between 142.25 and 140.00

Expected trend for today: Bearish