GBPJPY fluctuates within the bearish channel – Analysis – 6-1-2017

The GBPJPY price provided an intraday positive rebound yesterday after recording the initial target at 142.80, affected by stochastic rally to the overbought level, note that the stability of the bearish channel’s resistance at 144.30, to support the continuation of the negativity until gathering new negative momentum, to target 142.00 level reaching the support at 140.90 level.

We should mention that the price attempt to breach the current resistance and providing positive close that might force it to form a strong bullish rally to target 145.50 level, which forms a positive station that we recommend monitoring the price well for today, to avoid any losses that might change the main track.

Expected trading range for today is between 144.30 and 142.80

Expected trend for today: bearish.