The GBPJPY pair has experienced successive negative closures, influenced by the resilience of the major resistance at 189.25. This led to the formation of a bearish wave, causing the pair to touch and settle above the first negative target at 187.30.
Presently, the exit of the stochastic indicator from overbought areas enhances the likelihood of gaining additional negative momentum. This development is expected to facilitate breaking the 187.30 level, initiating a focus on new bearish targets. The upcoming objectives include reaching the levels of 186.40 and 185.55.
The projected trading range for today is anticipated to be between 188.45 and 186.40, indicating a prevailing bearish trend in the market.