FX.co ★ Daily analysis of GBP/JPY for January 20, 2017

Overview

The GBP/JPY pair continued to form correctional bullish waves to approach the bearish channel's resistance around 142.25. The price will regain the bearish bias unless this resistance is breached. The level of 140.00 is the first downside target in the nearest and medium term. On the other hand, if the pair attempts to surpass the above mentioned resistance, it will cancel the negative outlook and start forming main bullish bias to target 23.6% Fibonacci level around 143.25, followed by 145.40. Thus, we expect the price to move with the bearish bias today. The expected trading range for today is between 142.25 and 140.00