FX.co ★ Daily analysis of GBP/JPY for October 13, 2016

Overview

The pair remains in the negative range that depends on holding below the 129.60 resistance, but we noticed slow negative trading until this moment. In general, we will keep waiting for a strong negative attack expecting the price to touch the awaited target at 123.15 followed by the next target at 120.90. We remind you that the bearish scenario continues due to the price stability within the bearish channel shown on the chart, besides the negative pressure provided by the moving average 55 by settling above the price. The expected trading range for today is between 127.50 and 123.15.