The GBPJPY pair rose in its last intraday trading, to recover some previous losses, attempting to offload some of its clear oversold conditions on the relative strength indicators, especially with the emergence of positive overlapping signals.

 

Affected by breaking main bullish trend line on the short-term basis, there is negative pressure due to its trading below EMA50, forming an obstacle against the attempts of the price recovery on a near-term basis.

 

Therefore, our expectations suggest a decline in its upcoming intraday trading, if the resistance settles at 203.40, to target the initial support levels at 202.60.

 

The expected trading range for today is between 202.60 and 203.40

 

Trend forecast: Bearish