The GBP/JPY pair remains anchored in negative territory, maintaining its stability below the critical 184.35 barrier. The market has produced a series of negative waves, exerting pressure on the Moving Average 55 (MA55) around the 182.50 mark.
It’s worth noting that the absence of significant negative momentum may lead to temporary sideways movements. However, the potential gathering of additional downward momentum is anticipated. This would facilitate a continuation of the bearish trend, with potential downside targets starting at 181.80 and extending to 181.10.
Traders are advised to closely monitor the price action, with the expected trading range for today forecasted between 183.30 and 181.80.
Expected Trend for Today: Bearish