The GBPJPY pair began forming bullish wave achieving 199.45 level, but the contradiction of the main indicators and forming an extra barrier might reduce the chances of resuming the bullish attack in the current period.

 

The stability of the price below the extra barrier, we will begin preferring the bearish correctional trading, which might target 198.20 level reaching 61.8%Fibonacci correction level near 197.45, forming an important support against the upcoming trading, while its success to breach the barrier and holding above it will increase the chances for achieving extra gains that might begin at 200.35 reaching 201.55.

 

The expected trading range for today is between 198.20 and 199.45

 

Trend forecast: Bearish