Home Forex It hits an eight-year high, erasing earlier gains and holding at 188.00

It hits an eight-year high, erasing earlier gains and holding at 188.00

by SuperiorInvest


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  • GBP/JPY fluctuates, affected by Japanese CPI and weak UK retail sales; currently at 188.11.
  • Bullish bias remains but a close below 188.22 may trigger a retracement towards 187.00 and potential support levels.
  • A break above 188.00 sets the stage for further gains, targeting a YTD high of 188.92 and potentially reaching 190.00.

GBP/JPY is moving late in the North American session but is 0.05% lower so far after trading in a 150-pip range on the back of CPI data from Japan and weaker retail sales from the UK. Therefore, the pair moved within its daily and eight-year high and low of 188.92/187.40 before settling in the current exchange. rates. At the time of writing, the cross is trading at 188.11.

From a technical perspective, the pair remains bullish biased, but a daily close below 18 January at 188.22 could initially open the door for a return to 187.00. Further negative sentiment could drag GBP/JPY towards the Tenkan-Sen at 185.84 before challenging the Senkou Span A at 184.74.

Conversely, a daily close above 188.00 could pave the way for further upside, with a year-to-date (YTD) high at 188.92 ahead of 189.00. Further upside is seen once these levels clear on the way to 190.00.

GBP/JPY Price Action – Daily Chart

GBP/JPY Technical Levels

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