The GBPJPY currency pair has effectively countered negative pressures as of the prior trading session, showcasing a fresh positive close above the additional support level of 183.00. This development bolsters the likelihood of a forthcoming robust bullish rally, which is anticipated to target the critical obstacle at 184.25. Overcoming this hurdle is pivotal as it would clear the path for the attainment of new positive levels, with initial targets set at 185.20, followed by an eye on reaching 185.90 over the medium-term horizon.
Notably, the stochastic oscillator has ascended to the 80 level, signifying an increased potential for positive momentum. This uptick enhances the prospects of realizing the suggested gains, contingent upon the price’s ability to maintain stability above the aforementioned support level.
For today’s trading activities, the anticipated trading range is expected to oscillate between the support at 183.00 and the resistance at 184.25.
In summary, the GBPJPY pair has demonstrated resilience against bearish pressures by establishing a positive close above the 183.00 support level. This sets the stage for a potential bullish upturn, with critical resistance at 184.25 acting as a pivotal target to surpass. A successful breach of this level would pave the way for further gains, with medium-term objectives marked at 185.20 and 185.90. The stochastic oscillator’s rise to the 80 level adds weight to the possibility of positive momentum. Overall, the expected trend for the day leans towards a bullish outlook, and the trading range is seen between 183.00 (support) and 184.25 (resistance).