The GBPJPY approaches the bullish channel’s support line – Forecast today – 2-5-2024

Expected Scenarios

1. The GBPJPY pair faced strong negative pressures yesterday that pushed it to provide frequent closings below 197.35 barrier followed by suffering sharp losses by approaching the main bullish channel’s support line at 191.30 followed by bouncing quickly towards 195.70.
2. Now, the main stability within the bullish channel that appears on the chart in addition to 193.00 level forming additional support allow us to expect activating the positive trades, to target 196.25 followed by attacking the resistance line at 197.35 in order to find a way to resume the bullish trades in the upcoming period.

Trading Range

Expected trading range for today is between 192.10 and 196.25

Trend Forecast

Bullish