The GBPJPY pair came under strong bearish pressure yesterday, breaking additional support at 212.55 and reaching the main bullish channel’s support at 211.50, a key level that will influence the near-term trend.
Holding above the channel’s support, along with bullish signals from the stochastic indicator, could allow GBPJPY to resume upward momentum toward 212.35 and 212.70. Conversely, a break below 211.50 with a negative close would confirm a shift to the downside, potentially extending losses toward 211.05 and 210.60.
Expected trading range for today: 211.40 – 212.70
Trend forecast: Bullish
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