GBPJPY settles below the resistance – Analysis – 6-3-2017

The GBPJPY price remains stable within the negative range due to the stability of the bearish channel’s resistance at 140.60, accompanied with the stability of the moving average 55 near this resistance increases the negative pressure on the current trading, which forces the price to form new negative attack until reaching the first target at 138.80.

Stochastic continues the negative crawl to provide the required negative momentum to resume the bearish attack in the near period, we should mention that the attempt to breach the mentioned resistance will cancel the negative suggestion, to expect building new bullish bias that targets 141.25 and 142.50 level.

Expected trading range for today is between 140.50 and 138.80

Expected trend for today: bearish.