GBPJPY suffers strong losses – Analysis – 11-1-2017

The GBPJPY price provided an intraday positive rebound yesterday, affected by stochastic rally above 50 level, but the stability of the resistance at 141.80 supports the continuation of the negativity in the upcoming period, therefore, we will keep our bearish suggestion that targets 140.00 level reaching to 138.90.

We should mention that the price attempt to surpass the mentioned resistance will delay the negative attack, to begin forming temporary positive rebound until testing 144.00 level, then begin to provide the waited negative trading.

Expected trading range for today is between 141.80 and 138.90

Expected trend for today: bearish.