The GBPJPY hits the initial target– Analysis – 29-11-2022

The GBPJPY pair suffered new negative pressures by stochastic decline below 50 level, which forces it to fluctuate below the extra support at 166.80, to suffer some losses by reaching the initial target at 165.85.

The contradiction between the main indicators might force the price to provide some of the sideways fluctuated moves, but its negative stability below 166.80 represents a strong factor that reinforces the chances for resuming the bearish correctional attack, to expect its decline to 165.30 reaching 164.50.

The expected trading range for today is between 167.20 and 165.30

The expected trend for today: Bearish