The GBPJPY moves slowly – Analysis – 31-1-2023

The GBPJPY pair continued to form slow sideways waves to postpone the negative attack by consolidating near 160.75, while stochastic attempt to provide the additional negative momentum and the stability below 162.10 barrier confirm the continuation of the negativity, waiting to achieve the initial negative targets at 159.80 and 158.60.

On the other hand, breaching the mentioned barrier will force the price to form new correctional bullish rally, to expect moving towards the moving average 55 at 162.75, while surpassing it will push the price to test the major resistance at 163.80.

The expected trading range for today is between 161.30 and 159.80

The expected trend for today: Bearish