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Daily analysis of GBP/JPY for October 03, 2017

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Overview

The GBP/JPY pair faced sudden negative pressure yesterday that forced it to form some correctional trading and test 50% Fibonacci correction level at 149.10. The stability of the current level confirms forming solid support against the negative fluctuations. So, we still suggest the bullish bias with the target levels of 152.80 followed by 155.20. On the other hand, a decline below the current support will confirm the beginning of a correctional bearish bias with the target at 147.80. Continuous negative pressures might extend the pair’s losses to 145.10 before achieving any new upward target. The expected trading range for today is between 149.20 and 152.80
 
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