GBPJPY postpones the bullish attack – Analysis – 16-3-2018

The GBPJPY pair did not hold for long time against stochastic negativity, to notice its crawling below the minor bullish channel’s support that forces it to suffer some losses by reaching 147.25, while the moving average 55 stability around the broken support confirms forming additional barrier against the bullish attack to confirm its affection by the correctional bearish bias and expect its move towards 146.65 level soon, followed by testing the main bullish channel’s support at 145.15.

Stochastic reach towards the oversold areas along with the price fluctuation below 148.30 barrier form factors that agree the negative stability, to expect gathering additional negative momentum and start achieving the suggested negative targets.

Expected trading range for today is between 148.30 and 146.65

Expected trend for today: Bearish