The GBPJPY currency pair experienced a decline yesterday, settling below the 201.65 level and indicating a shift towards a bearish trend. This morning, the pair faced substantial losses, falling beneath the 50% Fibonacci correction level of 199.70 and currently trading near 199.30.
Stochastic indicators moving towards oversold conditions may exacerbate negative pressure today, raising the likelihood of further declines. The price is expected to target 198.80, with potential further support at the 61.8% Fibonacci correction level of 197.70.
The anticipated trading range for today is between 200.60 and 197.70.
Trend Forecast: Bearish
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