FX.co ★ Daily analysis of GBP/JPY for June 07, 2018

Overview

The GBP/JPY pair provided a new positive rally, surpassing 147.50 levels. The continuation of the price stability above the current support confirms surpassing the bearish bias domination to begin targeting a new positive level by breaching 148.80 and reaching 150.80, threatening the stability of the 38.2% Fibonacci correction level. Stochastic has reached the overbought level and its fluctuation above 80 levels increases the chances for gathering extra positive momentum, thus easing the attempt of resuming the bullish attempts until achieving the suggested targets. The expected trading range for today is between 147.80 and 148.80.