GBPJPY hits the target – Analysis – 27-12-2016

The GBPJPY price managed to reach the target at 143.25 in the last trading, to form a good barrier against the negative attack, which forces it to form an intraday rebound as appears in the image, the upcoming scenario depends on the strength of this level, which forms a new support level, and its stability makes us it expects the beginning of the price rally to the upside to target 146.60 level.

While the price decline below the current support and providing negative close, will support the bearish correctional attempts, to expect reaching 140.35 to form the main target in the bearish attempts.

Expected trading range for today is between 143.25 and 146.60

Expected trend for today: bullish.