Daily Forex Analysis – GBP/JPY
the GBP/JPY currency pair has shown a notable resurgence, surpassing the key level of 185.98, thus renewing the focus on upward momentum. A critical juncture will be reached if it breaches the 186.79 resistance point, a move that would signify the continuation of a larger upward trend. The next milestone in this trajectory is the 161.8% projection mark, which, starting from 178.06 and moving through 183.83 from a base of 180.78, sets a target at 190.11. Conversely, a downturn breaking the 184.65 support level would be a sign of a short-term peak, potentially halting the ascent. However, in the absence of such a break, we can expect further elevation, even amidst temporary pullbacks.
The long-term trajectory of GBP/JPY remains optimistic as long as the 176.33 support level holds steady. This trend, originating from the 123.98 low point in 2022, is poised to continue its upward climb. Surpassing the 186.79 mark would bring the pair into the realm of the 195.90 high, a level last seen in 2015. On the other hand, a decisive dip below the 176.33 support would signal a medium-term peak, leading to more extensive and deeper consolidations in the market.
Analysis Summary
The GBP/JPY currency pair is demonstrating renewed upward momentum, surpassing 185.98 and eyeing the 186.79 resistance. Its long-term outlook remains bullish above the 176.33 support, with the potential to reach 195.90. A break below this support, however, could signal a shift towards deeper consolidations.
Key Points
- Renewed GBP/JPY rally surpasses 185.98, with a target of 190.11.
- Long-term bullish trend intact above 176.33 support.
- A breach below 176.33 could lead to significant market consolidations.
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