Yesterday the GBP/JPY price hit the extension of the main support at 156.70, which forms a main obstacle to resuming negative attempts. The price needs to hold this support in order to try to form a new bullish attack that will allow it to breach the moving average and then reach the initial support at 160.50. We should mention that the price attempt to settle below the current support would turn the price to settle within the bearish channel, thus canceling the bullish suggestion of targeting some negative levels by reaching the 155.60 level.
The expected trading range for today is between the 156.70 and the 158.40.
The material has been provided by InstaForex Company – www.instaforex.com