The GBPJPY resumes the correctional decline – Analysis – 21-11-2023

The GBPJPY pair resumed the correctional decline by providing new close below 186.35 level, to crawl below the MA55 again and touch 184.58 level, and despite the main stability within the bullish channel, facing continuous negative pressures will increase the chances of moving towards 184.25, while breaking it will push the price to decline towards the main bullish channel’s support line at 183.35.

Succeeding to jump above 186.35 level and holding above it will confirm getting rid of the correctional bearish track, to start forming strong positive waves and expect targeting 187.35 level direct, followed by reaching the recently recorded high at 188.28.

The expected trading range for today is between 185.40 and 184.25

The expected trend for today: Bearish