FX.co ★ Daily analysis of GBP/JPY for November 22, 2016

Overview

The GBPJPY price keeps trading with a strong bullish trend reaching the first target at 138.80. As Stochastic still provides positive momentum holding at overbought level, we stick to the bullish scenario until the price reaches the main resistance at 140.40. We recommend monitoring the price behavior for reaching the targeted resistance, which forms a strong obstacle that might confine the price within the main negative range. It may provide the strong chance of forming a bearish bias in the upcoming period. The expected trading range for today is between 136.80 and 140.40.