The GBPJPY gains the positive momentum – Analysis – 5-7-2022

The GBPJPY pair succeeded to gather the positive momentum yesterday, to decrease the chances of suffering additional losses by rallying above 164.60 level, while the price needs to get daily close above the breached barrier to manage to start achieving gains by rallying towards 166.30 followed by 168.70 levels.

On the other hand, crawling below 164.60 will force the price to postpone the bullish attack, to start providing correctional negative trades that might force it to decline towards 163.30 followed by reaching the moving average 55 at 161.00.

The expected trading range for today is between 164.30 and 166.30

The expected trend for today: Bullish