Overview
The GBP/JPY pair was affected by the strength of the moving average 55 around 151.00 level that forced the price to form a clear negative crawl by consolidating around 150.00 level. This confirms the domination of the correctional bearish bias to keep our expectations to target 38.2% Fibonacci correction level at 148.50. We should note that further negative pressure might force the price to resume the negative actions by sinking below 148.25 level. So the pair is expected to move towards 146.60 level and face the extension of the historical support line that is displayed on the chart. The expected trading range for today is between 151.00 and 148.25
The material has been provided by InstaForex Company - www.instaforex.com
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