The GBPJPY moves within tight range – Analysis – 16-11-2022

No news for the GBPJPY pair despite its frequent consolidation within the bullish channel, affected by the price move within sideways track represented by 166.80 resistance and 164.50 support.

We expect to witness instability moves now, waiting to surpass one of the mentioned levels to manage to detect the next trend, as declining below the support will force it to suffer additional losses that start at 163.00, while breaching the resistance and holding above it will support the domination of the bullish bias again, to expect targeting 167.90 initially.

The expected trading range for today is between 166.60 and 164.80

The expected trend for today: Sideways