Overview
The GBP/JPY pair made a new negative close below the neckline of the double top at 143.30. We could notice a new negative level by reaching 141.80. We expect a new round of bearish attempts in the near and medium term to target 38.2% Fibonacci correction level at 140.20. A sharp decline of Stochastic from 20 level reinforces bearish expectations, which provides extra negative momentum that makes the pair resume bearish attempts until achieving the suggested target. The expected trading range for today is between 142.75 and 140.20.
The material has been provided by InstaForex Company - www.instaforex.com
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