The GBP/JPY currency pair is currently exhibiting a bullish sentiment, supported by the prevailing uptrend. Recent intraday price action shows a sideways consolidation, suggesting the formation of a new support zone at the previous resistance level. This consolidation phase reflects a temporary pause within the broader bullish trend.
The key trading level to watch is 190.70, which represents the previous consolidation price range. A corrective pullback towards this level, followed by a bullish bounce, could confirm continued upward momentum, targeting the 193.10 resistance level. Sustained buying pressure could further extend gains to 193.90 and ultimately 195.00 over the longer timeframe.
However, if the pair experiences a confirmed loss of the 190.70 support level and a daily close below this point, it would invalidate the bullish outlook. In that scenario, the pair may face increased selling pressure, leading to a retracement towards 189.14. Further downside movement could expose the next support levels at 187.20 and 186.40.
Conclusion:
The bullish sentiment for GBP/JPY remains intact as long as the 190.70 support holds. Traders should monitor this key level closely, as a bounce back would reaffirm the uptrend, while a break below could trigger a deeper retracement.
This communication is for informational purposes only and should not be viewed as any form of recommendation as to a particular course of action or as investment advice. It is not intended as an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. Opinions, estimates and assumptions expressed herein are made as of the date of this communication and are subject to change without notice. This communication has been prepared based upon information, including market prices, data and other information, believed to be reliable; however, Trade Nation does not warrant its completeness or accuracy. All market prices and market data contained in or attached to this communication are indicative and subject to change without notice.
The key trading level to watch is 190.70, which represents the previous consolidation price range. A corrective pullback towards this level, followed by a bullish bounce, could confirm continued upward momentum, targeting the 193.10 resistance level. Sustained buying pressure could further extend gains to 193.90 and ultimately 195.00 over the longer timeframe.
However, if the pair experiences a confirmed loss of the 190.70 support level and a daily close below this point, it would invalidate the bullish outlook. In that scenario, the pair may face increased selling pressure, leading to a retracement towards 189.14. Further downside movement could expose the next support levels at 187.20 and 186.40.
Conclusion:
The bullish sentiment for GBP/JPY remains intact as long as the 190.70 support holds. Traders should monitor this key level closely, as a bounce back would reaffirm the uptrend, while a break below could trigger a deeper retracement.
This communication is for informational purposes only and should not be viewed as any form of recommendation as to a particular course of action or as investment advice. It is not intended as an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. Opinions, estimates and assumptions expressed herein are made as of the date of this communication and are subject to change without notice. This communication has been prepared based upon information, including market prices, data and other information, believed to be reliable; however, Trade Nation does not warrant its completeness or accuracy. All market prices and market data contained in or attached to this communication are indicative and subject to change without notice.
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.
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.