GBPJPY needs new positive momentum – Analysis – 16-5-2017

In spite of GBPJPY price stability above the initial support at 145.45 level, we notice the slowness of the bullish trading due to its neediness to the bullish momentum until this moment, we expect forming a positive crawl until gaining the required momentum, which allows it to push again of the barrier at 148.45, waiting for breaching this level, which allows it to record new targets that begin at 15.35

We should mention that the price attempt to decline below the current support will delay the bullish rally, which forces it to provide an intraday negative correction until testing 23.6% Fibonacci correction level at 143.30.

Expected trading range for today is between 146.05 and 150.35

Expected trend for today: Bullish