GBP/JPY formed a clear positive rebound from the support level at 154.60 and achieved 158.05 level to confirm the attempt of gathering the negative momentum in the coming period. Note that there is a possibility of forming a new correctional wave to test 160.00 level and renew the negative attack on the mentioned support. Besides, a fluctuating bias is likely to be formed. Therefore, we recommend traders to keep neutral in the near trading and wait for surpassing the key levels of support at 154.60 and resistance at 160.00.
The expected trading range for today is between 160.00 and 154.60.