The GBPJPY pair provided new bearish close by its stability below the broken bullish channel’s support, forming a new resistance at 198.45 to increase the chances for the dominance of the suggested bearish bias by its fluctuation near 197.75.

 

The continuation of providing negative momentum by stochastic supports the negative suggestion, to keep waiting for targeting 197.50 level, where breaking it will open the way for suffering extra losses that might extend to 196.55 and 195.75, while regaining the bullish bias requires forming a strong positive rally to settle above 198.80.

 

The expected trading range for today is between 196.55 and 198.30

 

Trend forecast: Bearish