GBPJPY Pair Analysis
The GBPJPY pair has recently continued its bullish trend, reaching the main target at 203.60, which represents an extension to historical resistance levels. This achievement was followed by a temporary negative rebound towards 203.30.
Expected Scenario
Ongoing consolidation below the current resistance level, coupled with stochastic indicators approaching overbought territories, suggests a potential activation of a correctional bearish trend. This correction could target levels around 202.60 and 201.90. However, a breakthrough above the resistance level and subsequent consolidation above it could pave the way for further upward movement, potentially targeting new positive levels reaching towards 204.10.
Expected Trading Range
For today, the expected trading range for GBPJPY is between the recent high at 203.60 and the potential support level at 202.60.
Trend Forecast: Bearish
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