Daily analysis of GBP/JPY for April 20, 2017

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Overview

The GBP/JPY pair touched 38.2% Fibonacci correction level at 140.15, having achieved the initial bullish target. Let me remind you that the stability of the support level at 138.40 could increase the pressure on the current trading. It allows the pair to surpass the current barrier which begins at 143.40 reaching 145.45 in the short term. Stochastic tried to settle within the overbought level that reinforces the bullish bias. This creates new positive momentum that allows the pair to break through and hit the suggested targets. The expected trading range for today is between 138.40 and 141.80.

The material has been provided by InstaForex Company – www.instaforex.com
Source: Forex Review