The GBP/JPY price reversed into a downward bias yesterday to trade at 136.60. The pair triggered bearish activity. Let me remind you that the stability of the price below 50% Fibonacci correction level at 137.60 will increase the negative pressure. So the pair is expected to reach the initial main target at 135.05. Breaking it will extend losses quickly to 133.70 to form the next station for the bearish bias. Stochastic’s attempt to reach the oversold level supports our bearish expectation by providing extra negative momentum that allows the pair to resume the negative bias until the suggested targets are achieved. The expected trading range for today is between 137.60 and 135.05
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Overview
The GBP/JPY price reversed into a downward bias yesterday to trade at 136.60. The pair triggered bearish activity. Let me remind you that the stability of the price below 50% Fibonacci correction level at 137.60 will increase the negative pressure. So the pair is expected to reach the initial main target at 135.05. Breaking it will extend losses quickly to 133.70 to form the next station for the bearish bias. Stochastic’s attempt to reach the oversold level supports our bearish expectation by providing extra negative momentum that allows the pair to resume the negative bias until the suggested targets are achieved. The expected trading range for today is between 137.60 and 135.05
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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