The GBPJPY pair experienced a brief negative retracement last Friday, reaching 174.75, influenced by stochastic negativity resulting from its exit from overbought territories.
However, it’s crucial to note that these temporary factors are unlikely to alter the previously suggested bullish trajectory. This is attributed to the consistent stability above the initial support level at 184.30 and the ongoing positive momentum sustained by the MA55, which remains below the current trading levels. Consequently, our outlook remains bullish, anticipating renewed attempts to overcome the 186.20 obstacle, thereby paving the way for further advancements towards key positive milestones at 187.05 and 188.00.
The projected trading range for today is expected to fluctuate between 184.60 and 186.25.
In summary, the prevailing trend expectation for today leans towards the bullish side, with the potential for positive momentum to resume. Traders are advised to remain vigilant and monitor closely for any developments that may impact the anticipated trajectory.