Overview

The GBPJPY pair has been trading sideways since yesterday and fluctuating around the 129.60 support. The pair is still forming a solid barrier against the recent negative attempts, thus the way for a new bullish rebound will remain open as long as this support line remains intact. The price is likely to attempt to reach 134.30 as the first positive target, followed by testing the 137.00 resistance. On the other hand, a decline below the current support will reinforce negative domination for the upcoming trading to start recording new negative targets by reaching 125.60 followed by 120.90 levels. The expected trading range for today is between 134.30 and 129.60.