GBPJPY suffers strong losses – Analysis – 10-1- 2017

The GBPJPY price opened its trading today by gorming a big negative gap to suffer strong losses by reaching 140.20, to record the expected second target, the price faces 38.2% Fibonacci correction level at 140.00, to decelerate the negative attack, which forces the price to provide intraday sideways trading in the near period.

We should mention that gathering the negative momentum will allow it to break the current support, which opens the way towards recording more of the negative targets by reaching 138.90 and 137.50, to confirm the suggested negativity we will depend on the stability of 142.00 level, which represents the main resistance against the current trading.

Expected trading range for today is between 142.00 and 138.90

Expected trend for today: bearish.