GBPJPY touches the first target – Analysis – 13-7-2018

The GBPJPY pair formed intraday negative rebound after recording the first target at 148.90, to test the moving average 55 that represents the initial support at 147.80, noting that the price consolidation within the bullish channel supports the continuation of the positivity, besides stochastic reach to the overbought areas, to reinforce the positive pressure for the near term and medium term trades.

Therefore, we expect the beginning of forming new bullish trades to target 148.90 level again, followed by attempting to reach 38.2% Fibonacci correction level at 150.80.

Expected trading range for today is between 147.80 and 148.90

Expected trend for today: Bullish