The GBPJPY repeats the pressure on the support – Analysis – 27-3-2023

The GBPJPY pair succeeded to reach the target 158.60 on last Friday, to repeat the pressure on the additional support and attempt to find a way to resume the negative attack, while the bullish rebound and settling near 160.00 allow us to wait to gather the additional negative momentum soon, to manage to renew the negative attempts and achieve the required break, to expect targeting 157.80 level followed by reaching the next main target at 156.80.

On the other hand, failing to break 158.60 will force it to provide more sideways trades with chances to cover some losses by rallying towards 162.00 to face the MA55.

The expected trading range for today is between 160.80 and 158.60

The expected trend for today: Bearish