The GBPJPY currency pair has demonstrated its resilience by achieving a fresh positive close above the supplemental support level at 183.50. This noteworthy development aims to mitigate the influence of the preceding corrective bearish sentiment. As a result, an emergence of a new bullish wave is evident, propelling the pair towards the 184.60 level.
In the event that the price continues to amass positive momentum, the likelihood of substantial bullish waves gains traction, potentially extending towards levels at 185.10 and 186.35. Conversely, should the price experience a decline below the present support level accompanied by a negative close, it would prompt a resurgence of the corrective bearish momentum, potentially leading to further declines, with a potential downward movement towards 185.60, followed by a descent towards the minor bullish channel’s support line at 181.90.
The projected trading range for the day is expected to span between 183.70 and 185.10.
Overall, the prevailing trend for the day remains bullish.