FX.co ★ Daily analysis of GBP/JPY for March 22, 2018

Overview

The GBPJPY pair gained new positive momentum recently after stochastic approached the overbought areas. Please be aware of its move towards the initial resistance at 150.80, and this resistance is considered to be the key barrier between regaining the bullish bias by providing positive close above it. On the other hand, its stability increases the chances of renewing the correctional bearish trades that target 147.25 level followed by reaching the bullish channel's support at 145.70. Until this moment, the bearish overview will remain valid as long as the mentioned resistance holds intact, while breaching the resistance will allow us to expect new higher levels that start from 152.80. The expected trading range for today is between 150.80 and 147.25