FX.co ★ Daily analysis of GBP/JPY for May 12, 2016

Overview

The GBPJ/PY price closed yesterday providing new positive close above the moving average 55. Thus, the pair could move away from the extension of the support to 154.80, which confirm the domination of the bullish bias in the upcoming period. This makes us wait for forming new bullish attempt to surpass the 158.00 level, and to target the 159.25 level as the first main station for the bullish bias. Stochastic end of the negative attempts and it attempt to settle above the 50 level will increase the positive pressure on the price providing the positive momentum to confirm the attempt to record the suggested targets.

The expected trading range for today is between 154.40 and 159.25