The GBP/JPY pair was forced to provide intraday positive rebound yesterday to be affected by stochastic sudden rally towards the overbought areas, but the price consolidation below 143.30 barrier allows us to continue suggesting the negative domination until moving towards 38.2% Fibonacci correction level around 140.20. The moving average 55 decline below the mentioned resistance confirms the price affection by the negative pressures, besides, we notice stochastic attempt to exit from the overbought areas, to confirm getting rid of the positive pressure and attempt to resume the negative attack in the near term period. The expected trading range for today is between 142.70 and 140.20
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Overview
The GBP/JPY pair was forced to provide intraday positive rebound yesterday to be affected by stochastic sudden rally towards the overbought areas, but the price consolidation below 143.30 barrier allows us to continue suggesting the negative domination until moving towards 38.2% Fibonacci correction level around 140.20. The moving average 55 decline below the mentioned resistance confirms the price affection by the negative pressures, besides, we notice stochastic attempt to exit from the overbought areas, to confirm getting rid of the positive pressure and attempt to resume the negative attack in the near term period. The expected trading range for today is between 142.70 and 140.20
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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