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GBPJPY → The Yen continues to weaken. Target 197.0

2024-05-08 10:11 FOREX forecast

💡Ideas For GBPJPY 🇬🇧🇯🇵

📈 GBPJPY → The Yen continues to weaken. Target 197.0

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GBPJPY is testing trend support, but buyers are keeping the price away from risk zones. The currency pair is returning to the bullish zone relative to 193.5, which generally opens up the market to 195.0-197.0 upside potential

snapshot

On W1, the currency pair after a false breakdown of global resistance is moving back to 195.844, which generally tells us about the strength of buyers. Interventions by the central bank of Japan played a short-term role and the news leverage has exhausted itself. Traders continue to put on short positions and still sell the national currency, which in general only strengthens the pound against the yen.

Consolidation above 193.5 confirms the bulls' intentions to continue the growth.

Resistance levels: 194.15, 195.56, 197.38.

Support levels: 193.54, 193.0

A retest of the local resistance at 194.15 is being formed. A breakdown and consolidation above this level will cause further growth towards the previously mentioned targets.

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