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GBP/JPY – Stuck in a 200-pip range

OANDA:GBPJPY   British Pound/Japanese Yen
The cross has been largely restricted to a 200-pip range of 126.00-128.00.

The retreat from today’s session high of 127.95 followed by a drop to 126.80 levels has increased the odds of a bearish break from the 200-pip range. However, traders are still advised to wait for a breakout, which if on the downside would open doors for 124.00 levels.

The higher end of the trading range now largely coincides with the descending trend line coming from September high and October high.
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