Daily analysis of GBP/JPY for June 05, 2018

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Overview

The GBP/JPY pair signaled that it is keeping the overall negative bias with a new negative close below the 147.70 resistance. On the other hand, the contradiction between the major indicators might force the price to provide some sideways trading until gathering the negative momentum followed by new downward trades to renew the pressure on 145.00 level, followed by the second target at 143.00. Stochastic reaches the overbought areas. It confirms that the price is about to get rid of the positive pressures. This paves the way to gather new negative momentum that confirms further bearish pressure. The expected trading range for today is between 147.00 and 145.00

The material has been provided by InstaForex Company - www.instaforex.com