GBPJPY still bullish – Analysis – 17-11-2016

The GBPJPY formed intraday rebound yesterday after reaching 136.30 level, to agree with stochastic attempt to exit the overbought areas, which might force the price to continue forming sideways waves until gathering the bullish momentum again, followed by targeting 138.80 level then moving towards 140.40 resistance.

In general, the bullish trend scenario will remain valid as long as the moving average 55 remains intact around 134.10 level, to form solid barrier against forming sharp decline and attempt to provide additional momentum to confirm its attempt by reaching our expected targets.

Expected trading range for today is between 134.10 and 138.80

Expected trend for today: Bullish