GBPJPY achieves the initial target – Analysis – 10-2-2017

The GBPJPY Price succeeded to form a new bullish rally to record the initial target at 142.50, to face 23.6% Fibonacci correction level as appears in the image, the continuation of the positive pressure on the trading makes us prefer more of the bullish attempts, to expect the continuation of recording the targets in the near and medium period, to wait until reaching 144.80 and 145.40.

The moving average 55 stability below the price trading confirms the price confinement within the bullish range besides stochastic reach to 80 level, which will increase the positive pressure and allows it to surpass the current barrier.

Expected trading range for today is between 141.40 and 144.80

Expected trend for today: bullish.