The GBPJPY settles below the resistance – Analysis – 31-5-2021

The GBPJPY pair touched the bullish channel’s resistance at 156.07 recently, to form solid obstacle against the bullish attempts and start forming negative rebound by reaching 155.60.

The upcoming scenario depends on the strength of the current resistance, to expect starting to form correctional bearish attack and target 154.40 followed by 153.00 levels, while succeeding to surpass the current resistance and holding above it confirms moving to new bullish track to start targeting many positive levels that start at 156.80 and 157.60.

The expected trading range for today is between 156.10 and 154.40

The expected trend for today: Bearish