Overview
The GBP/JPY pair managed to surpass the moving average 55 recently in an effort to regain the main bullish bias. We will not be able to confirm the bullish bias until the initial resistance at 150.80 is surpassed, which forms 38.2% Fibonacci correction level. Therefore, we recommend monitoring the price behavior for today. Please note that if new positive momentum is gained and the price develops a rally above the mentioned resistance, this will allow to set more upward targets that start at 152.80, followed by reaching the previously recorded top at 156.40. The expected trading range for today is between 150.80 and 149.00
