The GBPJPY pair lost the positive momentum by stochastic fluctuation near 50 level, which forces it to delay the bullish rally and forming intraday bearish wave, to test the extra support near 197.90 then begin this morning trading with a new positive action, due to its fluctuation near the barrier at 198.80.

 

We recommend waiting for confirming breaching the current obstacle to confirm its readiness to renew the bullish attempts, which might target 200.35 level, while the failure to breach might help renewing the bearish correctional attempts, forcing it to suffer some losses by reaching 197.45, then attempting to press on the bullish channel’s support at 197.15.

 

The expected trading range for today is between 198.00 and 200.35

 

Trend forecast: Bullish