Overview
The GBP/JPY price managed to break the support at 158.40 yesterday, forming a negative double-top pattern to surpass the initial target located at 156.10. The pattern supports the continuation of the negativity. The price is likely to hit the next support at 154.60 in the near period. Note that the continuation of the negative pressure on the upcoming trading might push the price to break through the targeted support, opening the way towards fresh targets that might extend to 150.00 in the upcoming period.
The expected trading range for today is between 158.60 and 154.60 levels.
