GBPJPY fluctuates within the bearish channel – Analysis – 1-3-2017

The GBPJPY price provided mixed trading yesterday, to move between the initial support at 138.80 and to rally to the initial barrier by reaching 140.55, by the above image, we notice forming new bearish channel to depend on the stability of the main resistance at 141.20 by preferring the domination of the negativity in the upcoming trading, and breaking 138.80 level will open the way towards achieving more of the targets that begin at 137.60 reaching to 135.90 level.

Stochastic rally to the overbought level might force the price to test the main resistance, to face the moving average that supports the dominant negativity in the upcoming trading by its stability.

Expected trading range for today is between 141.10 and 138.80

Expected trend for today: bearish.