GBPJPY faces contradiction of the major indicators – Analysis – 16-8-2017

The GBPJPY pair provided could not manage to record any new negative target to be affected by the contradiction of the major indicators, keeping its stability around 143.20, but the consolidation of the moving average 55 around the current resistance increases its strength to confirm blocking the price within the bearish range, expecting to gather the negative momentum to target 140.35 as a first negative station followed by recording the negative targets by reaching 138.50.

We remind you that attempting to breach the moving average 55 and getting positive daily close above it will cancel the bearish overview and attempt to form new positive rally to target 145.20 followed by reaching the main resistance around 147.65.

Expected trading range for today is between 143.20 and 140.35

Expected trend for today: Bearish