GBPJPY approaches the major support – Analysis – 5-12-2018

The GBPJPY pair continued forming strong bearish waves, achieving several negative targets by reaching 142.85, note that the price approach from the main bullish channel’s support at 142.60 makes us expect that the negative moves will stop and the price will begin a bullish trading, attempting to record several positive targets that begin at 146.15 reaching to 150.35 in the upcoming period.

While suffering new negative pressures and reaching below the main mentioned support will confirm the price move to a new negative track, to begin targeting extra negative levels by reaching 141.80 and 136.65.

Expected trading range for today is between 142.60 and 144.05

Expected trend for today: Bullish