Daily analysis of GBP/JPY for October 18, 2017

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Overview

The GBP/JPY pair traded downwards yesterday moving away from the resistance at 149.10, which confirms its affection by the bearish correctional domination. We will keep waiting for the price to reach the first correctional target at 146.80, reminding you that extra negative pressure will allow the price to resume its bearish attack and reach 145.50, to test the moving average 55. Stochastic is currently settling below 50 levels, supporting our bearish suggestion by new negative momentum and ease the price attempt to reach the suggested negative targets. The expected trading range for today is between 149.10 and 146.80.

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