FX.co ★ Daily analysis of GBP/JPY for November 23, 2016

Overview

The GBPJPY pair lost its bullish momentum after reaching 138.80 as stochastic attempted to exit the overbought area, which might force the price to move downwards to test 136.80 levels, waiting to gain bullish momentum and test the main resistance at 140.40. In general, the bullish overview will remain valid as long as the mentioned initial support remains intact as a break of it will increase negative pressure on the price making it decline to the moving average 55 at 134.35. The expected trading range for today is between 136.80 and 140.40.