GBPJPY is in a bull market above 195.9: What’s Next?

GBPJPY is in a bull market above 195.9, with immediate resistance at the 78.6% Fibonacci level, the 197.6 mark. A break above 197.6 will likely trigger the uptrend, which targets 198.9.

GBPJPY Technical Analysis - 25-December-2024
GBPJPY is in a bull market above 195.9: What’s Next?

GBPJPY Technical Analysis – 25-December-2024

The British pound trades bullish against the Japanese yen but has traded sideways in a low-mentum market this week. The market outlook remains bullish as long as the prices are above the 75-period SMA or the 38.2% Fibonacci retracement level at 195.1.

That said, the immediate resistance is at 197.6. From a technical perspective, the uptrend will likely extend to a higher resistance area if GBP/JPY crosses above 197.6. In this scenario, the next bullish target could be 198.9.

The Bearish Scenario

Conversely, a dip below 195.1 should invalidate the uptrend. If this scenario unfolds, the currency pair could drop to 194.0.

GBP/JPY Support and Resistance Levels – 24-December-2024
First Level Second Level Third Level
Support 196.6 195.1 194.0
Resistance 197.6 198.9 200.0

 

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