The GBPJPY pair has exhibited a consistent but sluggish performance within a minor bullish channel. It has recently settled near the 184.00 level, primarily due to the absence of significant positive momentum.
To further underscore the significance of the extended support at 182.90, it is essential to gather positive momentum to activate a bullish breakout. The initial target for such a breakout would be the 185.30 resistance level, with the potential for further upward pressure towards 186.00.
However, should the pair drop below the mentioned support and register a clear bearish close, this could trigger a correctional bearish phase. In this scenario, the pair may experience notable losses, potentially testing support levels at 182.25 and 180.75.
The expected trading range for today is anticipated to be between 183.50 (support) and 185.00 (resistance).
The expected trend for today remains cautiously bullish.