The GBPJPY continues to postpone the decline – Analysis – 29-3-2023

The GBPJPY pair hinted postponing the negative attempts by rallying above the MA55 recently, achieving some gains by reaching 162.40 level, also, stochastic provides the positive momentum to increase the efficiency of the correctional bullish track, to attempt to reach 163.10.

Note that the main stability within the bearish channel that appears on the chart allows us to monitor the price behavior carefully after recording the mentioned correctional target, as gathering the negative momentum will assist to form strong bearish waves in the near term period and press on 160.50 level, while breaking it might extend losses towards 159.60 followed by reaching the additional support at 158.60.

The expected trading range for today is between 163.10 and 161.00

The expected trend for today: Bearish