FX.co ★ Daily analysis of GBP/JPY for April 06, 2017

Overview

The GBP/JPY price did not settle for long time below 137.60 level, to compensate the losses by its rally to 139.00, but the negativity of the main indicators provided negative support to settle again near the support level. Also the price fluctuation below the main resistance at 139.80 makes us keep preferring the dominant negativity in the upcoming period, to wait for providing new negative close below 137.60, which allows it to record the negative targets by reaching 136.35 and 135.05. Therefore, we should monitor the price behavior until providing the required negative close to avoid any attempt to form a new bullish correction that might cause intraday losses when reaching the mentioned resistance. The expected trading range for today is between 138.80 and 136.35.