GBPJPY touches the support – Analysis – 02-06-2016

The GBPJPY pair declined strongly yesterday to notice its consolidation around the targeted support at 157.30, while the current level forms the turning point to regain the bullish bias as long as the support line remains intact, targeting 162.00 again, followed by moving towards 164.15, while the continuation of the negative pressure and the attempt to decline below this support will force it to form new negative attack and move towards 155.70 then 151.60.

Therefore, we recommend staying aside today to monitor the new four hours’ candlestick close and detect the next trend clearly.

Expected trading range for today is between 155.70 and 160.00

Expected trend for today: Neutral