GBPJPY holds above the moving average – Analysis – 15-11-2016

The GBPJPY pair was affected by intraday sideways actions, but its consolidation above the moving average 55 that supports the stability of 132.90 level allows us to continue suggesting the bullish attempts, thus, we are waiting to gather new positive momentum to reach 136.30 that forms the first target, followed by moving towards 140.35 main resistance

The sideways fluctuations are caused by stochastic forming to negative wave, attempting to exit the overbought areas and increase the chances of testing the previously broken support before achieving any new positive target.

Expected trading range for today is between 133.00 and 136.30

Expected trend for today: Bullish