GBPJPY needs strong momentum – Analysis – 14-10-2016

The GBPJPY pair showed more sideways trading by consolidating around 127.25 level since yesterday, due to the lack of the negative momentum until this moment, while the bearish scenario depends on the stability of 129.60 resistance to wait to gather the required negative momentum and start recording the targets at 123.15 followed by 120.90.

Note that attempting to breach the above mentioned resistance will postpone that negative overview and start building correctional bullish bias to move towards 133.40 as a first positive target followed by touching 135.50 resistance.

Expected trading range for today is between 127.50 and 123.15

Expected trend for today: Bearish