FX.co ★ Daily analysis of GBP/JPY for June 13, 2017

Overview

The GBP/JPY pair managed to reach 139.00 levels yesterday achieving the previously expected negative target and ending negative trading by facing old support at 138.60. According to the chart, the price forms a positive rebound that might be the beginning of new bullish bias in case this support line remains intact during current trading. Therefore, we expect the bullish bias conditioned by achieving the mentioned conditions. We also expect the price to rally towards 141.70 levels and face the moving average 55, while a breach of it will extend trading towards 143.35 followed by 145.45 levels. The expected trading range for today is between 138.70 and 141.70.