GBPJPY is slow – Analysis – 22-1-2018

The GBPJPY pair was forced to provide slow sideways trading recently despite its consolidation within the bullish channel, affected by stochastic exit from the overbought areas, which confirms the domination of the sideways bias for the near term period until gathering new positive momentum followed by repeating the attempts to reach the next positive target at 155.90.

We notice the consolidation of the moving average 55 below the current price to reinforce blocking the price within the bullish range, also, we notice 151.85 forming additional support to assist to confirm the bullish bias domination for the upcoming trading.

Expected trading range for today is between 151.85 and 155.90

Expected trend for today: Bullish