The GBPJPY currency pair concluded yesterday’s trading below the 195.60 resistance level, resulting in new sideways fluctuations as it approaches the support line of the minor bullish channel at 195.00.
The divergence observed between the major indicators suggests the market is in a state of instability, prompting traders to await confirmation of a breach above 195.60. A successful breakout would open the path towards positive targets at 196.40, with the next significant objective at 197.30. Conversely, if the support level is broken, the bullish outlook would be invalidated, potentially leading to corrective bearish waves targeting 194.20 and then 193.00.
Today’s expected trading range is between 194.90 and 196.40.
Trend Forecast: Sideways
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