GBPJPY fluctuates above the initial support – Analysis – 17-1-2018

Despite the GBPJPY pair's forming some sideways trades recently, it's main consolidation above 151.50 support increases the chances of forming bullish rally in the upcoming period, it might face some intraday difficulty by facing the previously recorded top at 153.70, but the continuous positive pressures will allow it to breach this barrier and reach 50% Fibonacci correction level that forms the next target at 155.90.

We notice stochastic attempt to crawl towards the overbought areas, to increase the chances of gaining the positive momentum and start forming new bullish rally until reaching the waited targets.

Expected trading range for today is between 152.20 and 153.70

Expected trend for today: Bullish