GBPJPY forms bullish pattern – Analysis – 31-5-2016

The GBPJPY price managed to confirm the positivity by breaching the resistance at 162.00, to form the double bottom pattern to confirm the continuation of the positivity in the upcoming period, therefore, we will keep waiting for the price to reach the first target at 164.15, and surpassing it will open the way towards achieving more of the targets until reaching the next resistance at 168.50.

Stochastic continues to form bullish wave, and its stability within the overbought level confirms the bullish trading domination, which makes the price continue to gain the required momentum until achieving the suggested targets.

Expected trading range for today is between 162.15 and 164.15

Expected trend for today: bullish