The GBPJPY reduces the losses – Analysis – 6-2-2023

The GBPJPY pair took advantage of stochastic exit from the oversold areas to form correctional bullish wave and settle above 158.60m reducing some of the previous losses.

On the other hand, the contradiction of the moving average 55 that consolidates above the current price supports the chances of renewing the negative attempts for the near term and medium term period, thus, we expect to witness sideways trades until gathering the additional negative momentum, to succeed resuming the negative attack and target 156.65 and 155.60 levels.

The expected trading range for today is between 160.00 and 158.20

The expected trend for today: Bearish