Daily analysis of GBP/JPY for July 25, 2017

Overview

GBP/JPY is trading with the overall bearish bias. The pair is heading for 144.00 that is the first target of the recent downward trend. Importantly, the continuation of the negative pressure will allow the price to surpass the current target, so that we expect the pair to move towards the 55 moving average around 143.50. The consolidation of stochastic within the oversold areas reinforces the negative overview for the near term and medium term. This eases the attempt of breaking the initial barrier and the pair can reach the previously mentioned target. The expected trading range for today is between 145.35 and 143.50

The material has been provided by InstaForex Company – www.instaforex.com

Source:: Daily analysis of GBP/JPY for July 25, 2017