The GBPJPY rise continues above 196, a support level backed by the 50% Fibonacci level. If 196.3 holds, the uptrend will likely hit the 61.8% Fibonacci resistance level as its next target.
GBPJPY Technical Analysis – 6-January-2025
FxNews—GBP/JPY has been in a bull market, above the 50-period simple moving average, and has gained 1.4% since January 2. The buying pressure increased after the currency pair broke above the %50 Fibonacci retracement level at 196.5.
As of this writing, the British pound trades at approximately 196.5 against the Japanese Yen, stabilizing above the %50.0 Fibonacci level.
Regarding the technical indicators:
- The RSI 14 depicts 79 in the description that the market is overbought.
- The Stochastic Oscillator shows 92 in the description, supporting the RSI’s overbought signal.
- The Awesome Oscillator histogram is green, above zero, interpreted as the bull market should prevail
Overall, the technical indicators suggest that while the primary trend is bullish, GBP/JPY has the potential to consolidate before the uptrend resumes.
GBPJPY Rise Continues Above 196: What’s Next?
The immediate support is at 196.0, backed by the 38.2% Fibonacci level. Please note that the market outlook remains bullish above this level.
From a technical perspective, the next bullish target will likely be the 61.8% Fibonacci resistance level if 196.0 holds firm. Furthermore, if the buying pressure exceeds 197.1, the next bullish target could be 197.5.
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The Bearish Scenario
The critical support level that divided the bull market from the bear market lies at 196.0. From a technical standpoint, a new bearish wave could emerge if the value of GBP/JPY drops below 196.0.
In this scenario, the currency pair could dip toward the 50-period simple moving average at approximately 195.5.
GBPJPY Support and Resistance Levels – 6-January-2025
Traders and investors should closely monitor the GBP/JPY key levels below to make informed decisions and adjust their strategies accordingly as market conditions shift.
| GBPJPY Support and Resistance Levels – 6-January-2025 | |||
|---|---|---|---|
| Support | 196.5 | 196.0 | 195.5 |
| Resistance | 197.1 | 197.5 | 197.9 |
