FX.co ★ Daily analysis of GBP/JPY for October 14, 2016

Overview

The GBP/JPY pair showed more sideways trading consolidating around 127.25 levels yesterday due to a lack of negative momentum until this moment. The bearish scenario depends on stability of the 129.60 resistance. We expect the price to gather the required negative momentum and start recording targets at 123.15 followed by 120.90. Note that an attempt to breach the mentioned resistance will postpone the negative overview and start building correctional bullish bias to move towards 133.40 as the first positive target followed by touching the 135.50 resistance. The expected trading range for today is between 127.50 and 123.15.