GBPJPY is not stable – Analysis – 29/7/2015

The GBPJPY pair showed some positive trading yesterday to notice its stability above 192.10 level, surpassing the moving average 55, but we should note that the price formed new resistance level at 193.75 as appears on chart, which pushes negatively on the price to keep waiting to breach one of the key levels represented by 193.75 resistance and 192.10 support to be able to confirm the next trend.

Stochastic contradicts the moving average positivity by leaving the oversold areas, to support fluctuating in sideways range now, and we need to monitor the price behavior to avoid any change at the trend.

Expected trading range for today is between 193.75 and 192.10

Expected trend for today: Sideways