FX.co ★ Daily analysis of GBP/JPY for December 30, 2016

Overview

The GBPJPY price formed a minor bearish channel that supports our bearish correctional overview, which depends on the stability of the resistance at 144.60. Stochastic reaches the overbought level that increases the chances of hitting the mentioned resistance and then forming the negative attack to target 142.80 levels and the support at 141.40. The breach of the bearish channel's resistance will cancel the bearish correctional overview. A rally to 146.60 reaching the top at 148.40 will help the price regain its bullish bias. The expected trading range for today is between 144.60 and 142.80.