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
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 |
