Daily analysis of GBP/JPY for May 09, 2018

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Overview

The GBP/JPY pair confirmed the domination of the bullish bias by forming a new positive trend and its stability above the bullish channel's support at 146.90. Stochastic's rally to 50 level assists to provide the required positive momentum, to confirm the positive continuation that might push the price to achieve extra targets by reaching 148.90 and 150.80. Note that suffering extra negative pressures and attempt to reach below the main current support, so that will increase the chance to change the main trend and begin building negative trading to suffer big losses that might begin from 146.25 and 145.30. The expected trading range for today is between 147.40 and 148.90

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