GBPJPY resists the negative pressures – Analysis – 7-12-2016

The bullish bias remains dominant on the GBPJPY price by providing positive closes above 143.20 level, in spite of providing a clear decline from the overbought level, which shows that the price resists the positive pressures, which makes us wait until gaining new bullish momentum that confirms the attempt of recording the targets at 128.25 and 154.70.

We notice the fluctuation of the moving average 55 below the main support level at 140.20 for today, to confirm the price confinement within the bullish range, to provide the required momentum to resuming the bullish attack in the near and medium period.

Expected trading range for today is between 143.20 and 146.60

Expected trend for today: bullish.