Daily analysis of GBP/JPY for February 02, 2018



The GBP/JPY pair provided a positive signal by surpassing 156.00 level, to settle above 50% Fibonacci correction level. This move indicates its readiness to resume the bullish attack in the short term. We will depend on the stability above the breached barrier to form new support level. Besides, we are waiting until the initial target at 158.75 is achieved, reaching the bullish channel resistance at 160.00. The stability of the moving average 55 below the current trading range as well as stochastic at the overbought level are the factors that assist the bullish scenario by providing the required bullish momentum to achieve the suggested targets. The expected trading range for today is between 156.00 and 158.75

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