GBPJPY breaches the initial resistance – Analysis – 10-11-2016

The GBPJPY price suffered from strong positive pressure after it failed to break 126.60 level, to form a strong support base, to force the price to rally above the initial resistance at 130.00, which makes us prefer the bullish correctional bias in the near period, to expect its attraction to 133.25 to form a strong barrier, which makes us monitor the price behavior to detect the true targets in the upcoming period.

Stochastic attempts to end the negative attempts, to begin building a bullish wave that provide the positive momentum, which increases the chances for the price rally towards the suggested target.

Expected trading range for today is between 130.00 and 133.25

Expected trend for today: Bullish