Overview
The GBP/JPY price declined yesterday to record the waited target at 137.75 facing 50 % Fibonacci correction level. That forms strong support base against the negative attack. Therefore, we expect providing of intraday sideways trading until breaking the current support, to open the way towards recording more of the targets in the upcoming trading that began at 136.35 reaching 135.05, to form the main target in the medium period. Stochastic attempted to settle within the oversold level. That forms the main factor that confirms the negative attempts, providing extra negative momentum that increases the possibility for achieving the break in the near period. Therefore, we recommend traders to monitor the price behavior until achieving the break to avoid any losses, which might be caused by the sideways fluctuation. The expected trading range for today is between 138.60 and 136.35.
The material has been provided by InstaForex Company - www.instaforex.com
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