Daily analysis of GBP/JPY for July 13, 2017

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Overview

The GBP/JPY pair touched the initial support level at 145.25, showing its affection by the expected bearish correctional bias. Let me remind you that the bearish scenario depends on the stability of 147.65 level to form the main barrier between a possible bullish attack and an attempt to achieve extra correctional targets. Stochastic approach from the oversold level will increase the negative pressure on the current trading, which makes us prefer more of the negative attempts to expect targeting 144.00 and 142.60 even lower so that the moving average could be tested. The expected trading range for today is between 146.70 and 144.00

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