Overview
The GBP/JPY pair surprised by strong bullish momentum that forced it to surpass 138.90 level yesterday. The price is attracted towards 38.2% Fibonacci expansion at 140.00. The bearish scenario depends on the stability of the barrier. The pair is making attempts to regain the bearish bias and to repeat the pressure on 137.40. Surpassing 140.00 will cancel the negative overview to resume the rally to target 141.40. First, the price is to reach the bearish channel’s resistance at 142.70. The expected trading range for today is between 140.00 and 137.40
The material has been provided by InstaForex Company – www.instaforex.com
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