The GBPJPY currency pair demonstrated a significant bearish move yesterday, approaching the primary target of 195.85. This was followed by a corrective bullish rebound, influenced by stochastic indicators moving above the 50 level, leading the price to an interim recovery around 198.70.
The 50% Fibonacci retracement level at 199.70 is anticipated to act as a resistance against further negative movement. We expect this level to help consolidate the bearish momentum, potentially facilitating a return to negative trends and targeting 196.20, followed by 195.30.
The anticipated trading range for today is between 199.00 and 196.20.
Trend Forecast: Bearish
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