The GBPJPY pair came under strong negative pressure during yesterday’s trading after touching the resistance barrier at 218.65, forcing the pair to launch a sharp bearish move and suffer significant losses, reaching 212.25, before rebounding to retest the broken support level, which has now turned into resistance at 216.35.

 

Repeated stability below 216.35 may force the pair to resume its bearish attempts, with the price expected to target 215.20 and 214.80, respectively. However, a break above 216.35 and sustained trading above it would temporarily delay the bearish scenario, allowing the pair to attempt a move toward 216.85 and 217.35, respectively.

 

The expected trading range for today is between 214.80 and 21650

 

Trend forecast: Bearish