GBPJPY reaches the critical support – Analysis – 16-3-2017

The moving average 55 level keeps forming a strong obstacle against the positive rally of the GBPJPY price, which forces it to provide negative rebound to reach the critical support at 138.85, the upcoming scenario depends on the strength of the current support to expect renewing the bullish attempts, to begin achieving the gains by reaching 140.30 then wait for achieving the next target at 141.40.

While the price decline below 138.75 level will put the price under the effect of the dominant negativity again, to attempt to build new bearish trading, targeting 137.60 level initially reaching to 136.40.

Expected trading range for today is between 138.85 and 141.40.

Expected trend for today: bullish.