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29.05.201717:26 Forex Analysis & Reviews: Daily analysis of GBP/JPY for May 29, 2017

Long-term review

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Overview

The GBP/JPY pair revealed the stable bearish trend in the recent trading. We can notice that the sideways range support line around 143.45 is broken. This forms the double top pattern that reinforces the bears' domination for the near term and medium term. We will depend on the stability of the broken support as a good resistance to expect breaking 142.00 level and reach 38.2% Fibonacci correction at 140.20. Stochastic fluctuation around 50 level might force the price to provide intraday sideways trading until gaining the negative momentum again. This will enable the pair to resume the bearish attack and achieve the expected target. The expected trading range for today is between 143.30 and 140.20

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