GBPJPY achieves the target – Analysis – 16-12-2016

The GBPJPY pair's trading extended bullishly yesterday to manage to reach 148.25 target, which forms strong barrier against the bullish rally to force the price to form intraday negative rebound as appears on chart, while we expect the price to move confined between the mentioned barrier and 146.60 level that forms an initial support, waiting to breach one of these levels to detect the near term and medium term targets.

Note that attempting to breach the resistance will open the way to record more targets by reaching 151.40, while declining below the support might force the price to form correctional bearish bias and move towards 143.20.

Expected trading range for today is between 146.60 and 148.25

Expected trend for today: Fluctuated between the major levels