The GBPJPY pair activated negatively with the economic data on Friday to resume the bearish correction, to target 201.70 support, then bouncing positively to settle above %161.8 Fibonacci extension level at 202.40 to reinforce the chances of forming new bullish waves, to attempt to reach 203.40 then press on the barrier at 203.85.

 

While facing new bearish pressure and reaching below 201.70 support confirms its move to a new negative station, which forces it to suffer more losses by reaching 201.20 followed by the extra support at 200.45.

 

The expected trading range for today is between 202.40 and 203.85

 

Trend forecast: Bullish