GBPJPY breaks the support – Analysis – 29-5-2017

The GBPJPY pair hinted the negative stability in the recent trading to notice breaking the sideways range support line around 143.45, forming the double top pattern that reinforces the negative domination for the near term and medium term period, while we will depend on the stability of the broken support as a good resistance to expect breaking 142.00 level and reach 38.2% Fibonacci correction level at 140.20.

Stochastic fluctuation around 50 level might force the price to provide intraday sideways trading until gathering the negative momentum again, to manage to resume the bearish attack and achieve the expected target.

Expected trading range for today is between 143.30 and 140.20

Expected trend for today: Bearish