FX.co ★ Daily analysis of GBP/JPY for February 28, 2018

Overview

The GBP/JPY pair formed a new bearish wave yesterday to approach support of the sideways range at 148.35. Until that moment, the price will remain trading sideways if the main levels settle, represented by the current support and the resistance at 151.00. Interestingly, strong negative momentum is provided by the main indicators, particularly stochastic is staying below 50 level. This will increase the chances for breaking the current support. The pair could start bearish correctional trading, so that the price is expected to reach 146.30 and then the bullish channel's support at 144.80. The expected trading range for today is between 150.40 and 148.35