The GBPJPY currency pair has recently completed its downward move by reaching the target of 183.70. This level has acted as a barrier against further declines and has triggered a bullish correction, with the pair now rallying towards 186.25.
With stochastic indicators moving out of oversold territory, the pair is expected to continue its corrective bullish trend. We anticipate further gains that may target the 187.25 and 187.80 levels. However, a drop below 183.70 could invalidate the bullish outlook, potentially leading to additional losses and a possible decline towards 182.75.
The expected trading range for today is between 184.90 (support) and 187.25 (resistance).
Trend Forecast: Bullish
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