GBPJPY is confused – Analysis – 15-6-2017

The GBPJPY price kept its positive stability above the support at 138.75 but the continuation of forming a barrier by the moving average 55 at 141.70 might support the sideways fluctuation in the near period, therefore, we recommend monitoring the price behavior and wait for surpassing one of the mentioned levels to detect the true targets in the upcoming period without suffering any sudden losses.

Note that the continuation of the negative pressure and the attempt of breaking the current support, so that will confirm regaining the bearish bias to expect targeting 137.70 level reaching 135.05 level, while surpassing the moving average 55 will open the way for renewing the positivity that targets 143.35 and 145.50 level. 

Expected trading range for today is between 138.75 and 141.70.

Expected trend for today: neutral.