GBPJPY continues to crawl negatively – Analysis – 7-6-2017

The GBPJPY pair confirmed keeping the bearish bias domination yesterday by reaching 140.70 level, but the current rebound is caused by stochastic fluctuation around 50 level, while in general, the negative overview will remain valid as long as 143.30 resistance remains intact, besides 142.00 forming new barrier against the current fluctuation, waiting to gather new negative momentum that eases the attempt to achieve the first main target at 140.20.

The continuation of the negative pressure might force the price to resume the negative attack, noting that breaking 140.20 level will open the way to record new negative targets that might start at 139.10 followed by reach 50% Fibonacci correction level at 137.65.

Expected trading range for today is between 142.00 and 140.20

Expected trend for today: Bearish