GBPJPY provides an intraday negative rebound – Analysis – 12-5-2017

The GBPJPY price kept its stability below the resistance at 148.45, which forces it to form an intraday negative rebound, to fluctuate within tight range that represented by the previous barrier and the initial support level at 145.45, we expect renewing the sideways attempts until gathering new bullish momentum, which allows it to breach the barrier and reach to the expected targets at 150.35 and 152.75.

Stochastic surpass to the overbought level forms the main factor for the sideways bias domination in the current period, therefore, we remind you that the stability of the initial support is important until gathering the bullish momentum, and to avoid any losses that might be caused by breaking the support to reach 23.6% Fibonacci correction level at 143.50.

Expected trading range for today is between 145.45 and 148.45

Expected trend for today: Fluctuated within the bullish range