GBPJPY needs to breach the moving average – Analysis – 10-7-2018

The GBPJPY pair extended towards 147.61 level yesterday, to keep its stability below the moving average 55, forming intraday obstacle against resuming the main bullish attack, while the stability of the initial support at 146.00 will assist to renew the bullish attempts, expecting to achieve the required breach to rally towards new positive levels that might start at 148.00 followed by reaching 38.2% Fibonacci correction level at 150.80.

Stochastic renews the attempt to settle within the overbought areas to reinforce the bullish overview by providing new positive momentum and increases the chances of achieving the required breach to open the way to reach the mentioned additional targets.

Expected trading range for today is between 146.00 and 148.00

Expected trend for today: Bullish