The pair’s lack of bearish momentum has led to the formation of some bullish corrective waves, with GBPJPY breaking above 209.10 yesterday, recovering some of its previous losses as it currently approaches 210.10.

 

We reiterate that the bearish scenario remains valid as long as 210.40 holds as the key resistance level. Holding below this barrier would give the price a new opportunity to resume negative trading, targeting 209.00 before renewing pressure on the obstacle at 208.10. However, breaking above the current resistance and holding above it would confirm a shift toward the bullish trajectory, paving the way for further gains initially toward 211.30 and 212.00.

 

 

The expected trading range for today is between 208.10 and 210.40 

 

Trend forecast: Bearish