The GBPJPY currency pair capitalized on the recent rally in the Stochastic oscillator, surpassing the 50 level. This surge resulted in significant bullish momentum, with the pair achieving clear gains and reaching 184.35. It is worth noting that the pair has maintained its position within the bullish channel, and attempts to consolidate above 183.00 may negate the corrective bearish outlook. If this occurs, we can anticipate a break above 184.35 and the initiation of further gains, with potential targets at 185.20 and 185.90.
However, the reestablishment of a corrective bearish bias would necessitate a substantial decline that enables the pair to settle below the additional support level at 183.00. Such a move could potentially lead to further losses, with immediate targets set at 182.55 and 181.80.
For today’s trading, the anticipated price range is expected to fluctuate between the support level at 183.00 and the resistance level at 184.80.
Current Trend: Bullish