The GBPJPY continues to retrace – Analysis – 3-4-2019

The GBPJPY pair still affected by the correctional bullish wave due to the stability of the initial support at 144.60, noticing reaching 146.55 level recently, while stochastic reach to the overbought areas allows us to expect gathering additional positive momentum to increase the chances of resuming the bullish correction, expecting to target 148.30 level that forms the extension of the main bearish channel’s resistance that appears on the chart.

Getting the bearish bias back requires forming strong negative attack to settle below the above mentioned support line, to increase the chances of achieving many negative targets that might start at 143.80 followed by 142.30 levels.

The expected trading range for today is between 145.35 and 147.50

The expected trend for today: Bullish