The moving average supports the GBPJPY negativity – Analysis – 31-3-2017

The GBPJPY price attempted to provide some positive attempts by surpassing 139.40 level to face the moving average55, to reinforce the negative stability that forces it to renew the negative attempts as appears in the above image, we expect renewing the negative pressure on 137.60 level in the near and medium period, and surpassing it will extend the losses to 136.35 and 135.05.

Which makes us suggest the negativity for today, conditioned by the stability of 140.20 level as a main resistance against the current fluctuation, while the stability of the price above this resistance will make us begin preferring the bullish attempts again, to target 141.80 level initially reaching to 143.25.

Expected trading range for today is between 140.10 and 137.60

Expected trend for today: bearish.