The GBPJPY attempts to postpone the decline – Analysis – 20-10-2020

The GBPJPY pair formed strong positive wave yesterday to record 137.25 level, hinting the attempts to postpone the negative attack, while the current rebound towards 136.60 barrier and fluctuating above the moving average 55 might increase the chances of forming new bullish waves, to target 137.30 followed by reaching the key resistance at 138.40.

On the other hand, closing the next four hours’ candlestick below 136.60 will confirm regaining the bearish bias, to start forming strong negative waves and wait to reach 135.60 followed by 134.50 levels.

The expected trading range for today is between 136.30 and 137.60

The expected trend for today: Bullish temporarily