The GBPJPY fluctuates below the barrier – Forecast today – 15-5-2024

GBPJPY Price Analysis

Expected Scenario

• The GBPJPY pair touched 197.10 target yesterday, to form solid barrier against the attempts to resume the rise as it forms 61.8% Fibonacci correction level, hinting postponing the bullish track temporarily until achieving the required breach.
• Also, stochastic attempt to exit the overbought areas might assist to activate the attempts to gain profits and start forming correctional bearish waves that might target 196.50 and 196.15 levels soon, while succeeding to breach the barrier and holding above it will support the chances of reaching new positive stations that might extend towards 197.90 followed by reaching the bullish channel’s resistance at 198.45.

Expected Trading Range

Between 197.10 and 196.50