GBPJPY under the positive pressure – Analysis – 21-4-2017

The GBPJPY pair is affected by new positive pressures due to stochastic approach from the overbought areas, to renew the pressure on the initial barrier at 140.10, while we expect renewing the bullish attempts by breaching this barrier and start targeting new positive levels that begin at 141.85 followed by 143.30, to test 23.6% Fibonacci correction level.

The stability of the moving average 55 around 139.30 level blocks the price within the bullish range, to increase the pressure on the current barrier and confirms the domination of the bullish bias in the near term and medium term period.

Expected trading range for today is between 139.30 and 141.80

Expected trend for today: Bullish