Overview
The GBP/JPY price suffered from negative pressure in the last trading and declined below the extension of the support at 140.35 surpassing the moving average 55.Nevertheless, it is facing 38.2% Fibonacci correction level at 138.80, which makes the price confused. Expect the domination of the sideways bias if the mentioned levels are settled. Wait for providing new signal that assists to detect the true targets in the upcoming period. Breaking the current correction will confirm the dominant negativity in the upcoming trading. Expect targeting 137.40 level reaching to 135.90. Breaching of the moving average 55 will support regaining the bullish bias, return to prefer the dominant positivity that targets 142.40 level initially. The expected trading range for today is between 140.35 and 138.80.
The material has been provided by InstaForex Company - www.instaforex.com
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