The GBP/JPY pair has yielded to prevailing negative pressures, primarily instigated by the stochastic oscillator descending to the 20 level. This development has ushered in a fresh bearish wave, with the pair settling below the supplemental support line at 183.50 and consequently incurring noticeable losses, reaching as far as 182.90.
Should the price persist in grappling with these adverse forces, it could potentially lead to a breach of the 182.65 level, consequently exiting the minor bullish channel and initiating a corrective phase. The next levels of correction could extend towards 181.90 and 181.30. However, for a revival of the bullish trajectory, the pair would need to establish a new positive closing above the 183.50 mark, thereby reinforcing the prospects of achieving fresh gains, with an upside target at 185.25.
For today’s trading, the projected range is expected to fluctuate between the resistance level at 183.40 and the support level at 182.65. Traders should monitor this range closely, as it may offer vital insights into potential market reversals or breakouts.
In conclusion, the GBP/JPY pair currently faces compelled declines under the influence of the stochastic oscillator. The bearish trend has led to the breach of key support levels, with further downside targets anticipated. Nevertheless, a resurgence in the bullish sentiment would necessitate a sustained closing above 183.50. The prevailing trend is bearish.