The GBPJPY stabilized close to the 145.21 zone, Fibonacci’s 100.0%, where the sellers will likely place pressures to take control over the price.

The price, since the 15th of December 2016, has been mostly oscillating within a downside pattern between the range of 148.40 and 145.21 respectively.

Probable Scenario

The latest formation and stabilization close to the 145.21 level is a good indication that the sellers may take control over the pair in today’s trading session.

In the event where the pair drops and the sellers take over, the price could decline to 143.15.

The Stochastic oscillator’s main and signal lines indicate that the price has greater probabilities to decelerate at the 50 zone.

gbpjpy-dec-22-2016

Alternative Scenario

Alternatively, in the scenario where the bulls are able to place greater pressures and the pair breaks above the 146.43 area, the price could rise to 148.40 Fibonacci’s 0.0%.

Today’s Major Announcements

  • There are no any major releases on the sterling or the yen

Synopsis

·         Probable trend (Bearish): 145.21

·         Bearish take profit target: 143.15

·         Stop loss target: 146.43

·         Alternative trend (Bullish): 146.43

·         Bullish take profit target: 148.40