FX.co ★ Daily analysis of GBP/JPY for July 17, 2017

Overview

The GBP/JPY pair tests the critical resistance at 147.65 now which represents the neckline of the double bottom pattern. As we mentioned in our last reports, breaching this level will stop the expected decline in our last reports and will push the price to 149.00 and then 150.95 on the near-term basis. Now, the bearish trend remains valid on condition of holding below 147.65, supported by stochastic reach to the overbought levels. Now we are waiting until 144.00 is reached and then 142.65 is hit as main targets for the suggested bearish wave. The expected trading range for today is between 149.00 and 144.00