GBPJPY suffers strong losses – Analysis – 29-3-2017

The GBPJPY price declined yesterday to record the waited target at 137.75 facing 50 % Fibonacci correction level, which forms strong support base against the negative attack, therefore, we expect providing intraday sideways trading until breaking the current support, to open the way towards recording more of the targets in the upcoming trading that begin at 136.35 reaching to 135.05, to form the main target in the medium period.

Stochastic attempt to settle within the oversold level forms the main factor that confirms the negative attempts, providing extra negative momentum that increases the possibility for achieving the break in the near period, therefore, we recommend monitoring the price behavior until achieving the break, to avoid any losses might be caused by the sideways fluctuation.

Expected trading range for today is between 138.60 and 136.35

Expected trend for today: bearish.