The GBPJPY pair has demonstrated a pattern of fluctuations below the 181.80 level, establishing an additional barrier against downward movements. This behavior has led to a decline to the 181.00 level, confirming its readiness to resume the anticipated bearish trajectory.
The stochastic indicator is currently hovering near the 20 level, indicating the potential for the accumulation of further negative momentum. Consequently, we should remain vigilant for an eventual push towards the next major target at 180.00. If this level is breached, it may lead to extended losses with the next support level at 179.35 coming into focus.
Today’s anticipated trading range is expected to fluctuate between 181.50 and 180.00.
Overall, the prevailing trend for today is bearish.