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    Daily analysis of GBP/JPY for June 17, 2016

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    Overview

    The GBP/JPY pair formed strong negative attack yesterday to test the main support line at 145.37, which forced the price to rebound positively towards 148.70. It confirms the strength of the support line, making the price to form a bullish rebound until testing 152.90. After that, the price behavior should be monitored to detect the next main targets for the upcoming period. Therefore, we suggest the bullish bias conditioned by the stability of the mentioned support. Importantly, the stochastic provides positive support by exiting the oversold areas, allowing the price to gain some positive momentum today. The expected trading range for today is between 147.10 and 152.90 levels.


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