GBPJPY might be pushed for intraday decline – Analysis – 19-12-2016

The GBPJPY pair failed to surpass 148.50 barrier that formed strong resistance against the bullish attempts, increasing the chances of forming correctional bearish bias in the near term period, thus, we will depend on the stability of the mentioned resistance to wait to decline towards 145.30 level, which forms an initial support against the negative attempts.

Stochastic begins to support the correctional bearish overview by exiting the overbought areas, to settle below 50 level and provide the required negative momentum to achieve the above mentioned correctional target, while the price success to breach the resistance will cancel the correctional bearish overview and open the way to reach more targets towards 151.40.

Expected trading range for today is between 148.20 and 145.30

Expected trend for today: Bearish