GBPJPY provides strong positive attack – Analysis – 1-12-2016

The GBPJPY price ended its trading yesterday by providing strong positive attack after surpassing the bearish channel’s resistance at 140.10, note that the price attraction to the first positive target at 143.20 reinforces the price attempt to resume the bullish attack in the upcoming period to wait for reaching to 148.20 then hits 38.2% Fibonacci correction level that located at 154.80.

Stochastic begins to provide the positive momentum by its attraction to 80 level, which agrees with the moving average 55 stability below the breached resistance to form the main support in the upcoming trading.

Expected trading range for today is between 141.40 and 148.20

Expected trend for today: bullish.