The GBPJPY currency pair has initiated a temporary period of sideways trading, currently stabilizing near the 181.60 level. This consolidation phase appears to be a brief respite before the pair resumes its downward trajectory. The bearish bias is contingent on the pair’s consistent stability below the critical barrier at 183.45.
In order to continue its negative momentum, the GBPJPY price requires a fresh downward impetus. This would enable it to exert renewed pressure on the current support level at 180.60. A successful break below this support level would confirm the prevailing bearish sentiment and open the door for potential targets at 180.00 and 179.35.
Traders should be prepared for fluctuations within a trading range with expected levels between 182.40 and 181.55.
Overall, the GBPJPY pair is currently experiencing a brief period of consolidation within its bearish trajectory. The resumption of a downward trend will largely depend on the ability to maintain stability below key support levels.