GBPJPY holds above the initial support – Analysis – 1-8-2017

The GBPJPY pair repeated the intraday positive trading above the initial support around 145.10, to keep our bullish overview for the near term trading, waiting to touch 147.60 resistance, while we should note that the continuation of the positive pressure might allow the price to breach the mentioned resistance to manage to settle within main bullish track and open the way to achieve new positive targets that start at 150.95.

We notice from the above chart the consolidation of the moving average 55 below the price, to assist to form intraday positive factor for the current trades and support our expectations to form positive rally to achieve our waited target.

Expected trading range for today is between 147.00 and 143.50

Expected trend for today: Bullish