FX.co ★ Daily analysis of GBP/JPY for October 11, 2016

Overview

The GBP/JPY pair continues providing negative fluctuations due to its stability below 129.60 resistance, consolidating within the main bearish channel. Thus, we still expect that negative attempts will support decline towards targets starting at 125.80 followed by 120.90 in the upcoming period. We should note that attempt to rally above 129.60 level will postpone the negative overview for the near term period and start forming bullish rebound until testing the initial resistance at 135.20, followed by waiting to start forming the expected negative attack. The expected trading range for today is between 129.60 and 125.80.