GBPJPY hits the first target – Analysis – 12-10-2016

The GBPJPY pair managed to form new negative attack, reaching 124.80 level that represents the first expected target in our previous report, while the current rebound is caused by attempting to gather the negative momentum again, to keep our bearish overview valid, expecting to reach 123.15 followed by 120.90 on the near term and medium term basis.

The moving average 55 continues to provide clear negative pressure by consolidating above the current price, while stochastic fluctuation around 50 level might force the price to form intraday sideways bias until gather the required momentum.

Expected trading range for today is between 128.70 and 123.15

Expected trend for today: Bearish