The GBPJPY pair experienced a strong bullish rally yesterday, reaching the previously targeted barrier at 193.25. However, the resistance at this level caused the bullish momentum to stall, resulting in a negative rebound and the price settling near 191.60.
The divergence between key technical indicators and the stability of the resistance barrier may lead to mixed trading conditions. There is a potential for the pair to decline towards 190.60 before making another attempt to test the barrier, which could pave the way for a renewed bullish push. If the upward momentum resumes, the next targets would be 193.80 and 194.40.
The expected trading range for GBPJPY today is between 190.60 and 192.70.
Trend Forecast: Bullish
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