GBPJPY repeats the negative attempts – Analysis – 5-6-2017

The GBPJPY price didn’t settle for long time near the moving average 55, to notice providing new negative trading by its decline to 141.90 in the last period, the stability of the price below 143.30 level makes us prefer more of the negative attempts to expect reaching 140.20 to test 38% Fibonacci correction level that appears in the above image.

Stochastic sharp decline to the oversold level forms the main factor by confirming the dominant negativity to open the way towards gathering new negative momentum, which ease the attempt to reach the suggested target.

Expected trading range for today is between 142.95 and 140.20

Expected trend for today: Bearish