Overview

The GBP/JPY pair went on trading higher amid the contradiction of stochastic negativity to positivity of the 55 moving average which is consolidating around 147.35 support. Let me remind you that the stability of this support allows us to wait until new positive momentum is gained that reinforces the bullish bias domination for the near-term and medium-term trading. The targets are placed at 150.00 followed by 151.50. We remind you that attempts to decline below 147.35 support will postpone the bullish rally. Instead, we expect correctional bearish trading that might push the price down to 146.60, followed by 144.30. The expected trading range for today is between 147.35 and 150.00