We believe that possible bullishness could be seen during this trading session. Support is at (121.128). Break below that area could lead us to neutral zone as direction would become unclear, but as long as price moves above that level the major scenario remains bullish.

We expect a bearish overall direction for today. as far as (118.288) remains intact; targeting (116.875) then (115.980). A close above (118.288) resistance area will extend gains to (121.510).

We believe that possible bearishness could be seen during this trading session. Immediate resistance is at (120.280). Close above that area could lead us to neutral zone as direction would become unclear, but as long as price moves below that level the major scenario remains bearish.

Weakness in GBPJPY is likely to continue. We see a less chances of an immediate rise on the instrument for short-term technical outlook. Next downside barriers follow (119.230) at (118.141) and (117.491).

We can say that additional bullish movements could be seen during current session, particularly if it succeeded to stabilize above (121.301) zones. A proper confirmation would occur if the GBPJPY will manage to overcome the (122.767) resistance.

GBPJPY general trend is to the upside. Break below (121.301) may trigger further fall of the GBPJPY. Going above nearest support level at (123.365), however, would confirm continuation of the bullish trend, towards next objective upwards (124.665).

The bias remains neutral in nearest term. A need for a clear break from the range area (122.867 – 120.419) so we can see clearer direction. Break below (120.419) could trigger further bearish pressure targeting (118.910) and keep the major bearish scenario remains strong while break above (122.867) could trigger further bullish correction testing (124.726).

Currently, further bullish actions could be seen on GBPJPY. A break below (120.419) could be a threat to the bullish scenario targeting (118.490) even (117.840). On upside. Immediate resistance is at (122.944). A close above that area should keep the major bullish scenario intact testing (124.990) area.

We hold a view of the instrument moving in the range of (121.888 – 120.411). We have to wait and watch the movement of the instrument from current levels.

We see better value in long positions. If the price will advance above the first resistance at (121.885), this would confirm continuation of the bullish trend, towards next objective upwards (119.824) then (119.174) and (117.874) will follow.