GBPJPY Forecast – 4-June-2024


The GBP/JPY currency pair is testing the 197.7 immediate support following the Pound Sterling decline in today’s trading session. The technical indicators suggest that the bearish momentum shall resume.

GBPJPY Forecast - 4-June-2024

GBPJPY Forecast – 4-June-2024

  • The RSI (14) is heading toward the median line.
  • The Awesome Oscillator bars are red, signifying the weakening of the bullish trend.

GBPJPY Forecast – 4-June-2024

From a technical standpoint, for the downtrend to resume, the bears must close below the immediate resistance at 197 pounds. If this scenario unfolds, the next support will be the 23.6% Fibonacci level at 195.5.

Bullish Scenario

Conversely, the uptrend will resume, and May’s all-time high will be tested at 200 pounds if the GBP/JPY price maintains its position above the immediate support at 197 pounds.

  • 2024-06-04