The GBP/JPY pair managed to resume the bullish attack to record 155.90 level as it is displayed on the chart. Please note that it is important to monitor the price behavior now as it is forming 50% Fibonacci correction level. Breaching this barrier will confirm a further upward bias for the short term that might target 157.45 level followed by the bullish channel’s resistance at 159.80. On the other hand, the stability of the current barrier might force the price to form some sideways trading with chances of declining towards 153.50 level, despite the bullish momentum provided by the major indicators. The expected trading range for today is between 154.80 and 157.45
The material has been provided by InstaForex Company – www.instaforex.com
Overview
The GBP/JPY pair managed to resume the bullish attack to record 155.90 level as it is displayed on the chart. Please note that it is important to monitor the price behavior now as it is forming 50% Fibonacci correction level. Breaching this barrier will confirm a further upward bias for the short term that might target 157.45 level followed by the bullish channel’s resistance at 159.80. On the other hand, the stability of the current barrier might force the price to form some sideways trading with chances of declining towards 153.50 level, despite the bullish momentum provided by the major indicators. The expected trading range for today is between 154.80 and 157.45
The material has been provided by InstaForex Company – www.instaforex.com
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