The GBPJPY continues to decline – Analysis – 2-2-2023

The GBPJPY pair continued to provide negative trades, confirming its surrender to the domination of the main bearish bias, to touch 158.88 level, while stochastic approach from 20 level will increase the chances of gathering the additional negative momentum, to manage to break 158.60 support line and open the way to record more negative targets near 157.60 and 156.10.

On the other hand, failing to decline below 158.60 level will force the price to form new sideways trades, with chances of providing temporary correctional bullish rebound that might push it to reach 160.25 and 161.00.

The expected trading range for today is between 160.25 and 157.60

The expected trend for today: Bearish