GBPJPY is currently trading within an ascending channel, with a strong rebound from support levels near 198,000 JPY. After forming a higher low at 199,000 JPY, the chart suggests the possibility of continuing the uptrend if GBPJPY can break through the next resistance at 200,000 JPY.
Recent news about the UK GDP growth and statements from Bank of England (BoE) officials are supporting the British Pound. Additionally, the BoE's tightening monetary policy to control inflation is helping stabilize and strengthen the Pound against the Japanese Yen. On the other hand, with the Bank of Japan's interest rate policy remaining largely unchanged, the JPY continues to weaken amid economic challenges.
If GBPJPY can break the 200,000 JPY resistance, the next upward target will be 201,000 JPY, and further towards 202,000 JPY. However, the current support lies at 199,000 JPY, and if this level is broken, a pullback to 198,000 JPY may occur.
Recent news about the UK GDP growth and statements from Bank of England (BoE) officials are supporting the British Pound. Additionally, the BoE's tightening monetary policy to control inflation is helping stabilize and strengthen the Pound against the Japanese Yen. On the other hand, with the Bank of Japan's interest rate policy remaining largely unchanged, the JPY continues to weaken amid economic challenges.
If GBPJPY can break the 200,000 JPY resistance, the next upward target will be 201,000 JPY, and further towards 202,000 JPY. However, the current support lies at 199,000 JPY, and if this level is broken, a pullback to 198,000 JPY may occur.
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Top trading opportunities are waiting for you! : t.me/+TaRRH29IRysyNGJl
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🔥 High-quality signals – Win rate up to 85%
📍 Accurate, verified technical analysis
⚡ Fast updates – Never miss a golden entry
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.