Daily analysis of GBP/JPY for November 30, 2016

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Overview

The GBPJPY price showed mixed trading yesterday affected by the contradiction between main indicators. The pair settled at 140.60 levels. We noted the price attempt to rally above the bearish channel's resistance, but we could not confirm these bullish attempts unless there is a positive close in the daily period. Therefore, we recommend staying neutral for the day waiting for the required daily close to detect the main trend in the upcoming period. In case of successful confirmation of positive dynamics, the price will rise to 143.20 reaching 148.35, while its stability within the bearish channel will increase the negative pressure on the upcoming trading. The expected trading range for today is between 138.60 and 143.20.

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