The GBPJPY currency pair has been navigating through a complex trading pattern, marked by a contradiction between major indicators. Notably, it recently tested and managed to hold above the additional support level at 181.50. The outlook now hinges on the durability of this critical support, as its stability suggests the potential emergence of bullish momentum.
Should the support maintain its ground, we could anticipate the beginning of bullish movements targeting 182.60, followed by an attempt to exert renewed pressure on the barrier at 183.50.
Conversely, if new negative pressures arise and the price slips beneath the mentioned support level, it would trigger a corrective bearish trajectory, leading to potential losses that might extend towards 180.80, eventually reaching the MA55 at 180.10 in the near term.
As for today’s trading parameters, the projected range spans between 181.60 and 182.60, with the overall trend outlook for the day leaning towards a bullish sentiment, subject to the resilience of the key support level.