Market Expectation: Continued Bullish Momentum
The GBPJPY currency pair has exhibited a remarkable bullish trend since establishing a significant low in the early days of January 2024. The uptrend has been characterized by robust momentum, with only minor retracements impeding its aggressive climb.
GBPJPY Significant Zones
Resistance Levels: 200.750, 208.000
Support Levels: 192.380, 187.850
The bullish vigor has been particularly evident as the price recently surged past the substantial resistance level at 200.750 with notable force. The 208.000 level is the next target for the currency pair.
Technical indicators corroborate the bullish sentiment, as the daily Moving Averages (MAs) affirm the trend’s direction, with prices consistently trading above these key indicators. Further analytical insight from the 4-hour charts reveals a sharp and sustained price increase. Notably, the most recent significant low on this timeframe was recorded on June 17th, which marked the commencement of a nearly uninterrupted bullish wave, displaying minimal pullbacks. Forex signals have pointed to these movements as strong indicators for potential long positions.
Market Expectation
The expectation is for the GBPJPY’s continued rally, with the 208.000 level within reach. The underlying strength of the trend suggests the potential for the pair to not only reach but possibly surpass this threshold.
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