11.11.201617:50 Forex Analysis & Reviews: Daily analysis of GBP/JPY for November 11, 2016

Long-term review

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Overview

The GBP/JPY price ended its trading yesterday by breaching the resistance at 133.25, which confirms the continuation of the bullish correctional bias that would settle at 134. We expect the 133.25 level to hold as a new support level, so that the bullish rally would resume to 136.30 and then to the main resistance at 141.20. Stochastic rally to the overbought levels confirms our bullish suggestion, thus still providing the required positive momentum for the price movement to the suggested targets. The expected trading range for today is between 133.25 and 136.30.

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