FxNews—The GBP/JPY pair is testing the 50-period simple moving average at approximately 191.8 as resistance. Meanwhile, the Awesome Oscillator histogram turned green, hovering above zero. Additionally, the Stochastic and RSI 14 depict 53 and 57 in the description, hovering above the median line.
Overall, the technical indicators suggest that while GBP/JPY prices are still below the 50-SMA, this resistance area is under buyers’ pressure.
GBPJPY Forecast – 9-December-2024
The immediate resistance is at 191.8. From a technical perspective, the current bullish momentum could resume if GBP/JPY close and stabilizes above this resistance.
In this scenario, the next bullish target could be the 38.2% Fibonacci retracement level at 193.8.
- Also read: USDSGD Trades Sideways Amid Oversold Market
The Bearish Scenario
Please note that the bullish outlook should be invalidated if GBP/JPY’s value drops below the immediate support of 190.9. If this scenario unfolds, the downtrend will likely resume, targeting 190.0, followed by the December 3 low at 188.1.