GBPJPY provides negative signal – Analysis – 16-10-2017

The GBPJPY pair showed negative signal by fluctuating below 50 Fibonacci correction level around 149.10, hinting the preparation to provide some correctional bearish trading again, to keep waiting to gather new negative momentum followed by starting to achieve some negative targets that start at 146.80 followed by 145.15.

Stochastic stability below 80 level confirms ending the positive pressures to gather the required momentum to start achieving the mentioned correctional targets, while we should note that attempting to breach the current barrier will cancel the correctional negative overview and regain the bullish bias by moving towards 152.20.

Expected trading range for today is between 149.10 and 146.80

Expected trend for today: Bearish