The GBPJPY keeps rising – Analysis – 13-05-2021

The GBPJPY pair get advantages from the repeated positive pressures, to resume the bullish attack and record new targets by hitting 154.40 level currently, stochastic reach to the overbought level makes us wait for achieving 154.85 level, which forms an extension for the main bullish channel’s resistance.

Note that monitoring the price behavior after recording the suggested target is important to detect the main trend in the upcoming period, to expect breaching this resistance, moving to new bullish track, to target 156.40 level initially, while the stability of the resistance might force it to form bearish correctional waves, and 152.90 level represents the initial negative station.

The expected trading range for today is between 15.40 and 154.85

The expected trend for today: Bullish