In recent trading sessions, the GBP/JPY pair has exhibited a degree of instability, largely attributed to the ongoing contradiction observed among major technical indicators. This volatility has hindered the pair’s attempt to resume its primary bullish movement, leading to its current fluctuation near the 182.40 level.
It’s noteworthy that the pair’s stability around the 183.50 level, along with the formation of an additional barrier, could elevate the likelihood of renewed correctional bearish attempts. Consequently, we might anticipate a movement towards the 181.20 level in the near term. A breakdown below this level could extend the losses to approximately 180.60, representing the next target for short-term trades.
Conversely, if the pair manages to gain positive momentum and triggers a strong bullish rally, it may increase the prospects of surpassing the 183.50 level. This, in turn, would open the door for the pair to aim for primary bullish targets, which are situated near 184.30 and 185.50.
For today, the expected trading range is projected to be between 183.00 (as resistance) and 181.20 (as support).
In summary, the GBP/JPY pair has experienced recent volatility, with mixed signals from technical indicators affecting its potential direction. Traders are encouraged to conduct their thorough analysis and consider consulting with financial experts before making trading decisions.