GBPJPY forms intraday negative rebound – Analysis – 21-6-2017

The GBPJPY pair faced clear negative pressure yesterday due to stochastic exit from the overbought areas, to notice its decline below the moving average 55 and consolidate around 140.50, while we remind you that the bullish scenario mainly depends on the stability of the bullish channel's support at 139.00, which allows us to wait to gather new bullish momentum and repeat the attempt to record the positive targets that start at 143.35 followed by 145.45.

We should note that attempting to provide new negative close below the main support will confirm getting rid of the bullish bias domination and start building new bearish bias to target 50% Fibonacci correction level at 137.60.

Expected trading range for today is between 139.00 and 142.20

Expected trend for today: Bullish