The GBPJPY surrenders to the negative correction – Analysis – 21-3-2019

The GBPJPY pair surrendered to the correctional bearish bias by crawling below 147.30 level recently, suffering many losses by touching 145.78 level, while the continuous fluctuation below the moving average 55 at 146.50 increases the chances of resuming the correctional bearish attack, expecting to attempt to test the main bullish channel’s resistance at 145.15.

Note that renewing the bullish attempts requires the positive stability above 147.30 level, to ease the mission of reaching 148.60 level first, while gaining new positive momentum will extend trade towards recording new positive targets that start at 149.60 followed by 150.30.

The expected trading range for today is between 146.50 and 145.15

The expected trend for today: Bearish temporarily