GBPJPY holds above the initial support – Analysis – 15-5-2017

The GBPJPY pair ended the intraday negative rebound by facing the initial support at 145.45, to prevent and new negative actions and confirm the positive domination for the upcoming trading, while the price starts to gather the bullish momentum to allow us to suggest its rally towards 148.45 barrier and assure the importance of breaching this level to open the way to achieve more gains that start at 150.35 followed by 152.80 in the upcoming period.

The consolidation of the moving average 55 below 23.6% Fibonacci correction level that forms the key support at 143.35 confirms blocking the price within the bullish range and support gathering additional positive momentum until achieving the previously waited targets.

Expected trading range for today is between 145.45 and 148.45

Expected trend for today: Bullish