Overview
The GBP/JPY pair provided a new positive close recently above 153.70 level to confirm the domination of the bullish bias. The pair is expected to resume the expected positive attack. The stochastic has reached the overbought level that eases the way towards gaining extra momentum. The pair is to achieve more of the targets by reaching 155.90 initially, which forms 50% Fibonacci correction level. We should mention that the price tried to reach below 153.70 level that might force it to delay the bullish rally. This move maks the pair suffer some gains by attempting to test the initial support at 151.50. The expected trading range for today is between 153.70 and 155.90
The material has been provided by InstaForex Company - www.instaforex.com