The GBPJPY still negative – Forecast today – 26-3-2024

GBPJPY Pair Analysis: Current Trends and Forecast

Recent trading activity in the GBPJPY pair has been characterized by weakness, with prices persistently fluctuating below the crucial barrier at 192.20. This reinforces a negative outlook for both near-term and medium-term trades. Traders are advised to remain cautious and await stochastic negativity to prompt renewed pressure on the additional support level at 190.15. A breach of this support could potentially extend trades towards 189.50, with further downside targeting the next support at 189.05.

Conversely, a successful breach of the aforementioned barrier, accompanied by a positive close above it, would nullify the negative outlook. This scenario would pave the way for the formation of robust bullish waves, with an initial target set at the 193.20 level, followed by a further aim to reach the next significant target at 194.10.

Trading Range Projection

• Upper Bound: 191.80
• Lower Bound: 190.15

Trend Forecast

Bearish