GBPJPY settles near the support – Analysis – 21-3-2017

The GBPJPY price repeated forming sideways trading by its fluctuation near the support at 138.90, affected by the negativity of the moving average 55 by forming strong barrier at 140.20, the upcoming scenario depends on the strength of the current support, to keep preferring the bullish attempts that target the extension of the resistance at 140.80 mainly, and surpassing this level will open the way towards achieving several gains that begin at 142.50.

While the price decline below 138.90 level and providing negative close will confirm its affection by the bearish bias domination, to detect the expected targets in the near and medium period by reaching 137.60 and 136.30.

Expected trading range for today is between 138.90 and 140.80

Expected trend for today: bullish.