GBPJPY maintains Bullish outlook supported at 196.75
Key Support: 196.75
This level marks the prior consolidation zone and serves as a critical pivot. A corrective pullback toward 196.75 followed by a bullish reversal would validate the uptrend, with upside targets at:
199.20 – Initial resistance and short-term target
199.70 – Minor resistance zone
200.40 – Longer-term breakout objective
However, a daily close below 196.75 would invalidate the bullish scenario, potentially triggering a deeper retracement toward:
195.80 – Near-term support
194.80 – Key downside level in a bearish reversal
Conclusion:
As long as 196.75 holds, the bias remains bullish, favoring continuation toward the 199–200 zone. A confirmed break below this support would shift momentum, opening the door for a broader corrective decline.
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