The GBPJPY pair has effectively shaken off the influence of corrective bearish pressures, notably encountering the MA55 at 183.23. A noteworthy development is the stochastic indicator rallying above the 50 level, indicative of positive momentum. This has translated into tangible gains, with the pair reaching 187.30.
To sustain and build upon this positive trajectory in the short and medium term, it is crucial for the pair to secure a positive close above 187.45. Such a move would pave the way for further upward movements, with potential targets at 187.95 and 188.45.
Key Levels to Watch:
Support: The anticipated support levels lie around 186.80.
Resistance: Immediate resistance is anticipated at 187.70.
Expected Trading Range for Today:
The projected trading range for today is set between 186.80 and 187.70.
Today’s Trend Expectation:
The prevailing trend for today is anticipated to be bullish, given the positive momentum and recent gains.