Daily analysis of GBP/JPY for April 21, 2017

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Overview

The GBP/JPY pair is affected by new positive pressures as Stochastic is approaching the overbought areas, thus the pressure on the initial barrier at 140.10 renewed. We expect the price to make new bullish attempts to breach this barrier and start targeting new positive levels at 141.85 followed by 143.30 in order to test the 23.6% Fibonacci correction level. The stability of the moving average 55 around 139.30 levels blocks the price within the bullish range, increasing the pressure on the current barrier and confirming the domination of the bullish bias in the near and medium terms. The expected trading range for today is between 139.30 and 141.80.

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Source: Forex Review