GBPJPY expands the fluctuation range – Analysis – 3-2-2017

The GBPJPY pair was affected by more negative pressures yesterday due to its stability around the moving average 55, to expand the trading range and reach 140.75, while the bullish overview will remain valid depending on the stability of the major support at 140.00 that forms the extension of the previously breached resistance line of the bearish channel.

Therefore, we will keep waiting to reach the first target at 142.50 followed by extending trading for more gains that start at 144.80, while stochastic forming for bullish rally reinforces our expectations of forming new positive attack and reach our positive targets.

Expected trading range for today is between 140.00 and 142.50

Expected trend for today: Bullish