The GBP/JPY pair made an intraday rebound to approach from the initial barrier at 154.80 level. Let me remind you that the stability of the price is generally below 50% Fibonacci correctional level at 156.00. This confirms the bearish correctional bias for the short term with targets from 151.50, reaching 150.00. Note that the price attempt to regain the bullish bias requires breaching 50% Fibonacci correctional level at 156.00. This move will open the way for hitting several positive targets, starting from 157.80 and reaching almost 160.00. The expected trading range for today is between 154.80 and 152.20
The material has been provided by InstaForex Company – www.instaforex.com
Overview
The GBP/JPY pair made an intraday rebound to approach from the initial barrier at 154.80 level. Let me remind you that the stability of the price is generally below 50% Fibonacci correctional level at 156.00. This confirms the bearish correctional bias for the short term with targets from 151.50, reaching 150.00. Note that the price attempt to regain the bullish bias requires breaching 50% Fibonacci correctional level at 156.00. This move will open the way for hitting several positive targets, starting from 157.80 and reaching almost 160.00. The expected trading range for today is between 154.80 and 152.20
The material has been provided by InstaForex Company – www.instaforex.com
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