The GBPJPY currency pair has maintained its bearish stance below the 204.40 resistance level, benefiting from additional negative momentum provided by stochastic indicators. The pair has successfully reached the second target at 202.00 and is trading near this level.
Given the ongoing negative pressure from major indicators, the bearish trend is likely to continue. The next potential support level to watch is 201.70; a breach here could further drive the price down towards 201.05, with the subsequent target at the 50% Fibonacci retracement level of 199.70.
The expected trading range for today is between 201.05 for support and 202.90 for resistance.
Trend Forecast: Bearish
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