FX.co ★ Daily analysis of GBP/JPY for May 15, 2018

Overview

The GBP/JPY pair is still following the bullish trajectory. A new bullish wave is likely to be formed, moving away from the main support at 147.10 today. Further positive pressure will open the way towards several targets in the near and medium term that begin at 149.40 reaching 38.2% Fibonacci at 150.80. Stochastic reinforces the bullish suggestion by its rally above 50 level. This increases the chances for gaining extra momentum and confirms the attempt to achieve the suggested positive targets. The expected trading range for today is between 148.10 and 149.40