GBPJPY → Return to range. Possible price decline.

16 May

GBPJPY is forming a local bearish trend amid a correction in the dollar. The price is returning to the range and entering strong resistance.



Amid a correction in the dollar, the Japanese yen is strengthening, putting pressure on the currency pair.
GBPJPY is returning below a strong level (within the range) and consolidating in the selling zone, which could trigger a continuation of the decline towards areas of interest. Technically, the global trend is neutral and the currency pair is forming a rebound from strong downward resistance. If the bears keep the price below 193.45 - 193.74, the local downward trend may continue.

Resistance levels: 193.45, 193.74, 194.22
Support levels: 193.04, 192.35, 191.65

Price consolidation below 193.74 - 193.45 will confirm that bears are holding the range resistance. The sell-off may continue, and in this case, the price will head towards the indicated zones of interest and liquidity.

Best regards, R. Linda!

17 May

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