The GBPJPY hits the moving average – Analysis – 2-12-2022

The GBPJPY pair touched the next negative target at 164.50 yesterday, to hint the moving average 55 that continues the attempts to form additional support, which led to form quick rebound towards 165.70.

Note that the correctional negative attempts will remain valid as long as 166.80 barrier remains intact, also, stochastic attempts to provide the negative momentum by settling near 20 level, allowing us to keep the negative overview and expect breaking 164.50 level to target new negative stations that start at 164.00 and 163.10.

The expected trading range for today is between 165.50 and 164.00

The expected trend for today: Bearish