GBPJPY continues the negative fluctuation – Analysis – 11-10-2016

The GBPJPY pair continues to provide negative fluctuations due to its stability below 129.60 resistance, to support consolidating within the main bearish channel, thus, we will keep expecting the negative attempts that support declining towards more targets, starting at 125.80 followed by 120.90 in the upcoming period.

We should note that attempting to rally above 129.60 level will postpone the negative overview for the near term period and start forming bullish rebound until testing the initial resistance at 135.20, followed by waiting to start forming the expected negative attack.

Expected trading range for today is between 129.60 and 125.80

Expected trend for today: Bearish