The GBP/JPY pair continues to experience a temporary sideways fluctuation, with its stability at 181.65 preventing the attainment of any new negative targets. This is primarily due to the absence of strong negative momentum in recent trading sessions.
The pair’s repeated failure to sustain gains above the resistance level at 183.50 reinforces our bearish outlook. We anticipate that, at some point, the price will manage to gather the necessary negative momentum and make an attempt to resume its downward trajectory.
The initial target for such a bearish move is 180.00, with the potential for a further decline to 179.35 in the medium-term trading period.
Today’s expected trading range is situated between 182.20 as support and 180.80 as resistance. Traders should remain vigilant for any signs of a shift in market sentiment and adjust their strategies accordingly.
The GBP/JPY pair continues to move within a temporary sideways pattern, and its ultimate direction will depend on the development of negative momentum and the ability to break through key resistance levels.