GBPJPY begins the gather the negative momentum – Analysis – 2-11-2016

The GBPJPY pair showed some negative trading yesterday due to getting some negative momentum, as stochastic consolidated below 50 level, while the continuous negative pressure will activate the negative domination again, expecting to reach the first target at 124.60 in the near term period, followed by attempting to touch the main target for the medium term period at 120.90.

The moving average 55 continues to support the negativity by consolidating above the current price, to agree with stochastic attempts to provide strong negative momentum and open the way to reach our expected targets.

Expected trading range for today is between 128.10 and 124.60

Expected trend for today: Bearish