FX.co ★ Daily analysis of GBP/JPY for January 23, 2017

Overview

The GBPJPY price provided new negative closes below the bearish channel's resistance at 142.00 forming a new bullish rally by reaching 140.80, which confirms our negative suggestion. We wait for recording the expected targets at 140.00 and 138.80 in the near and medium period. The decline of Stochastic to the oversold level supports the negative suggestion, which provides the required momentum for achieving the suggested targets. Stability of the moving average 55 above the price trading reinforces negative pressure, forcing the price to form a negative attack. The expected trading range for today is between 141.80 and 140.00.