FX.co ★ Daily analysis of GBP/JPY for September 27, 2017

Overview

The GBP/JPY pair continues to resist the negative pressure that emerged from the strong decline of stochastic below the 50 level. Please note its stability above the initial support at 150.00 level. Besides, the stability of 50% Fibonacci correction level at 149.15 (which is calculated as the price decline from 174.94 to 123.05) confirms a further bullish bias with upward targets at 152.80 and 155.10. The stability of the moving average 55 below the current main trendline reinforces our bullish outlook. Having gained momentum, the pair increases its resistance to intraday negative pressure. The expected trading range for today is between 150.00 and 152.80