The GBPJPY pair forced to form some bearish correctional rebounds, in order to gather the positive momentum to reinforce the chances for resuming the bullish attack, depending on the repeated stability above the support of the bullish channel at 196.20.

 

By the above image, we notice the attempt of the price to surpass 61.8%Fibonacci correction level at 197.50, to reinforce the chances for achieving several gains that might extend in the current period to 198.20, then repeat the pressure on the resistance at 198.80, to find an exit for resuming the rise in the upcoming period.

 

The expected trading range for today is between 196.80 and 198.80

 

Trend forecast: Bullish