GBPJPY under bearish correctional bias – Analysis – 20-12-2016

The GBPJPY price confirmed its affection by the bearish correctional bias, to reach 144.50 level achieving the first waited target in the previous report, reminding you that the stability of the resistance at 148.25 will support the bearish attempts, opening the way towards testing 143.25 level in the near period, then begin to build new bullish trading to resume its main bullish attack.

The continuation of stochastic fluctuation below 50 level forms a main factor for our negative suggestion, which increases the negative pressure on the price trading, opening the way towards hitting the suggested target.

Expected trading range for today is between 146.60 and 143.25

Expected trend for today: bearish.