GBP/JPY Daily Analysis
The current market outlook for GBP/JPY indicates a steady intraday position, with expectations leaning towards further consolidation beneath the 188.28 level. A surge is likely, provided the critical juncture of 183.81, which now serves as a pivotal support-turned-resistance point, remains unbreached. Should the pair surpass the 188.28 threshold, it would signal a continuation of the overarching upward trend.
In a broader perspective, the enduring support at 180.76 forms a foundational base for the sustained upward trajectory originating from the 123.96 level, a notable low in 2022. The next significant milestone is projected at 195.88, echoing the peak achieved in 2015. Conversely, a decisive drop below 180.76 could suggest the formation of a medium-term peak, potentially marked by a bearish divergence in the MACD indicator. This scenario could precipitate a more substantial decline toward the 178.04 support level.
Analysis Summary
The GBP/JPY pair remains neutral in the short term, with potential consolidations below 188.28. Long-term trends suggest continued growth above 180.76, targeting 195.88. However, a fall below 180.76 could indicate a medium-term peak and lead to a decline towards 178.04, influenced by potential bearish divergences in D MACD.
Key Points
- Short-term neutrality with consolidation potential below 188.28.
- Long-term upward trend intact above 180.76, targeting 195.88.
- Risk of medium-term peak and decline if support at 180.76 breaks.
