Despite the neediness of the GBPJPY pair to the positive momentum, but the main stability within the bullish channel’s levels that pushed it to form a new positive move, to hit the target at 198.80, facing 66.8%Fibonacci correction level as appears in the above image.

 

The current trading scenario depends on the strength of 198.80 level, if it settles we expect forming bearish correctional trading that might push it to suffer some losses by reaching 197.40 and 169.85, while the price success in achieving the breach and providing a positive close above it, will reinforce the chances for recording extra gains by its rally to 199.55.

 

The expected trading range for today is between 197.40 and 198.80

 

Trend forecast: Bearish