GBPJPY remains negative – Analysis – 3-4-2017

The GBPJPY price provided new negative close below the resistance at 140.10 affected by the negativity of the moving average 55 that located near the current resistance, also the stability of the resistance at 38.2% Fibonacci correction level reinforces the continuation of the negativity in the near and medium period, to wait for recording the negative targets by reaching 137.60, then wait until reaching 135.05, to test 50 % Fibonacci correction level that forms the main target in the medium period.

Note that the price attempt to surpass the current resistance will cancel the negative overview, which forces it to build new bullish bias that extends the trading to 141.70 reaching to 143.30 level in the upcoming period.

Expected trading range for today is between 140.10 and 137.60

Expected trend for today: bearish.