Overview
The GBP/JPY pair managed to test the key support yesterday by declining towards 147.35. Following this sharp move, the pair started forming strong bullish waves to settle around 149.00 level. This reinforces our bullish outlook. Please note that stochastic's rally above 50 will confirm the domination of the expected bullish bias. Therefore, we will be waiting for new positive pressure towards 150.00 that forms the first positive target. Besides, note that breaching this barrier will allow the price to record more targets that start at 151.50 followed by 152.85. The expected trading range for today is between 148.20 and 150.00
The material has been provided by InstaForex Company - www.instaforex.com