Daily analysis of GBP/JPY for December 15, 2017

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Overview

No news for the GBP/JPY pair. Meanhwile, the pair faces additional negative pressures by stochastic, approaching the 20 level This confirms that the anticipated bullish rally is delayed.

Please be aware that it is extremely important to monitor the price behavior in case the initial support at 150.00 is touched. Besides, you are recommended to recognize the trend for the near term and medium term. We should note that the stability of the initial support will allow the price to renew the bullish attempts to push the 152.85 barrier and reinforce the domination of the bullish bias for the upcoming trading. On the other hand, a negative close below the current support will force the price to suffer more losses and target 38.2% Fibonacci correction level at 148.25. The expected trading range for today is between 150.00 and 152.85

The material has been provided by InstaForex Company - www.instaforex.com