GBPJPY bounces from the second target – Analysis – 13-1-2017

The GBPJPY price continued forming bearish waves to record the second target at 138.90 yesterday, to form an intraday barrier that forces it to bounce to 139.50, reminding you that 140.00 level forms the initial resistance, which increases the negative pressure, to expect renewing the negative pressure on the achieved target, where breaking it will open the way towards suffering more of the losses by reaching 137.50.

While the price attempt to breach the current resistance will delay the negative overview, to being forming bullish correctional bias until testing the critical resistance at 141.45. 

Expected trading range for today is between 140.00 and 137.50

Expected trend for today: bearish