The GBPJPY currency pair has initiated a descent, marking the onset of a bearish trajectory. This shift is evident as the pair moves away from a notable resistance level at 183.50 and approaches the 181.65 mark, as depicted in the accompanying chart. It is noteworthy that the persistence of negative momentum, reinforced by its stability below the 50-level, augments the likelihood of a break below the 181.20 level. Such a move would pave the way for further declines, targeting levels at 180.60 and 179.55.
The scenario in which the price successfully breaches the aforementioned resistance and maintains its position above it would confirm a shift towards a bullish path. In such a case, one can anticipate a robust ascent toward positive levels, initially near 184.30, and potentially reaching 185.50.
For today, the projected trading range spans from 182.25 to 180.60.
The prevailing trend for the day is expected to be bearish, contingent upon the current market dynamics.