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21.10.201615:51 Forex Analysis & Reviews: Daily analysis of GBP/JPY for October 21, 2016

Long-term review

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Overview

The GBP/JPY pair showed sideways trading again without any attempts to record the expected targets. The current sideways trading caused by the necessity of the negative momentum makes us expect more of the sideways fluctuation. Let us remind you that the stability of the resistance at 129.60 is important to keep our negative scenario valid in the upcoming period. Therefore, wait until the price reaches the targets at 124.60 and 120.90. Stochastic provides new negative signal to attempt a decline below 50 level which can help the price gather the required momentum then begin to hit the suggested targets. The expected trading range for today is between 128.15 and 124.60.

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