Overview
The GBPJPY pair showed more sideways trading around 137.60 levels, affected by the stability of the 133.00 support. Stochastic attempts to exit the oversold areas, which might push the price to test the main resistance of the bearish channel at 142.00 for today, followed by renewing the bearish attempts of breaking the mentioned support. In general, the main bearish bias will remain valid for the upcoming trading; the price is likely to be limited between 135.10 and the main resistance today. A negative close below 135.10 will make the price place the 133.00 support under negative pressure; a break of the support will open the way to the main negative target at 127.40.
The expected trading range for today is between 135.10 and 142.00.
The material has been provided by InstaForex Company - www.instaforex.com