FX forecast / GBP/JPY / Our expectations
The price moved in middle-term upward trend. Short-term correction to levels of main diagonal support. The price reached horizontal support and FiBo 38.2. Price action signal: Pin bar at levels of diagonal and horizontal support. The price remains below SMA 200 - positive signal. Technical indicator: CCI(50) - below level -100, but is at the moment is breaking the level - the negative sentiment is weakening. DeM Sequential - formed 9 which is indicator for price movement reversal.
Fundamental analysis - Despite that last week BoE's governor comments manages to sing the pound, the market is still valuating the probability for a interest rate hike at 85%. on the other hand BoJ doesn't give any indications for change in it's monetary stance ( interest rate increase or reduction of QE) until the end of 2018.
SL: 150.20
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