The GBPJPY pair lost its positive momentum as stochastic falls below the 50 level, forcing the pair to post further negative closes below the barrier at 217.85. As a result, the pair is currently forming some corrective waves while stabilizing near the additional support level at 216.35.

 

Continued exposure to negative pressure will increase the chances of breaking the current support, confirming the pair’s submission to the bearish corrective bias. We therefore expect it to target 215.55 soon, followed by the additional support level near 214.90.

 

The expected trading range for today is between 215.55 and 217.10.

 

Trend forecast: Bearish