The GBPJPY pair faced new negative pressure by stochastic reach below 50 level, which forces it to attack the support of the minor bullish channel’s support and suffer some losses by hitting 194.00 level, facing 50% Fibonacci correction level.

 

We expect the price to be affected by the instability and providing mixed trading, to keep waiting for confirming the main trend, depending on the next close, so the repeated stability above 194.40 will reinforce the bullish scenario to assist to breach the barrier at 195.70 reaching the next target at 196.60, while the stability below 194.00 will confirm the dominance of the bearish bias domination in the near trading, to expect suffering big losses by reaching 192.85.

 

The expected trading range for today is between 194.00 and 195.10

 

Trend forecast: Neutral