The GBPJPY is forced for a temporary correction – Analysis – 23-10-2019

The GBPJPY pair is affected by the strength of the bullish channel’s resistance at 141.90, which forces it to catch its breath by forming some negative correction, to notice its stability near 139.35, and 61.8% Fibonacci correction level by its stability at 140.25 will increase the chances for the price decline, to test the support at 137.65 before recording any new positive target.

While the price rally above 140.25 level will increase the chances for renewing the bullish attempts, which allows it to press on the mentioned resistance in order to find an exit to resume recording the targets in the upcoming period.

The expected trading range for today is between 140.25 and 138.00

The expected trend for today: Bearish