The GBPJPY currency pair recently reached the 188.10 level, nearing the previously anticipated negative target, before beginning a correctional bullish rally. The pair has now moved towards 190.20.
The stochastic indicator’s exit from oversold conditions supports the positive momentum, suggesting the potential for a rally toward 190.70. This level is crucial as it represents the previously broken support, and its behavior will determine the next directional move. If the pair holds below this level, it could reverse and decline towards 189.20. However, if the support is breached, the outlook becomes more bullish, with the next targets at 191.25 and 192.00.
The expected trading range for today is between 189.40 support and 190.70 resistance.
Trend Forecast: Bullish
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