Overview

The GBP/JPY price failed to achieve the required break to 137.60 level, to form strong support level that forces it to provide an intraday positive rebound by reaching 138.45. At the image above we notice the price confinement within tight range that represented by the resistance at 139.40 and the mentioned support level, to be neutral for today and wait until surpassing one of the main levels to detect the main trend in the upcoming period. Note that surpassing the mentioned resistance will push the price to provide bullish rally to reach 140.60, while breaking the current support will reinforce the negative domination again, opening the way towards recording more of the negative targets by reaching 136.35 then reaching 135.05. The expected trading range for today is between 139.40 and 137.60.