GBP/JPY Consolidation Tightens: Bulls Eyeing a Break Above 195.7
After a strong correction and finding a bottom at 180 in early August, 
GBPJPY began to recover, initially rising to the 193 zone.
Another leg down followed, but this time, bulls regained control at the 183.90 level, forming a higher low supported by a double bottom pattern.
The next upward move stalled at the 195 resistance, and the pair has since entered a consolidation phase.
However, the recent consolidation range is tightening, and it appears that the price is gearing up for an upward breakout.
I am slightly bullish on this pair, and a break with a daily close above the 195.70 resistance level would confirm this outlook, potentially leading to further gains toward the key 200 zone.
In the short term, interim resistance around 198 could also serve as a target for bullish traders.
GBPJPY began to recover, initially rising to the 193 zone. Another leg down followed, but this time, bulls regained control at the 183.90 level, forming a higher low supported by a double bottom pattern.
The next upward move stalled at the 195 resistance, and the pair has since entered a consolidation phase.
However, the recent consolidation range is tightening, and it appears that the price is gearing up for an upward breakout.
I am slightly bullish on this pair, and a break with a daily close above the 195.70 resistance level would confirm this outlook, potentially leading to further gains toward the key 200 zone.
In the short term, interim resistance around 198 could also serve as a target for bullish traders.
Trade closed: target reached
198 first target reached
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📈 Forex & XAU/USD Channel:
t.me/intradaytradingsignals
💎 Crypto Channel:
t.me/FanCryptocurrency
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.