FX.co ★ Daily analysis of GBP/JPY for June 28, 2016

Overview

The GBPJPY price repeated forming bearish waves yesterday increasing the pressure on 133.00 levels that form an initial barrier against the main bearish bias. The continuation of the negative pressure, which comes from the main indicators, increases the possibility of surpassing the current barrier to target 130.00 levels, reaching the extended support at 127.80. Note that the stability of the 133.00 barrier might force the price to retest 142.65 levels as it forms the bearish channel's resistance shown on the image above. The expected trading range for today is between 137.40 and 130.00 levels.