The GBPJPY confines within a tight range – Analysis – 12-02-2020

The GBPJPY pair failed to achieve the required break to 141.00 level, which forces it to form a temporary positive rebound, confined between the current support and the extension of an extra resistance at 142.85 level as appears in the above image.

we recommend monitoring the price behavior in the current period and waiting for surpassing one of dominant levels, to detect the main targets in the upcoming period, and surpassing the extra resistance will open the way towards recording some of the positive targets that begin at 143.80, while breaking the support will reinforce the bearish track, and 140.25 level forms the initial negative station.

The expected trading range for today is between 142.80 and 141.35

The expected trend for today: neutral