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GBPJPY → Breaking the psychological level. What's next, 215.0?

2024-06-12 09:47 FOREX forecast

💡Ideas For GBPJPY 🇬🇧🇯🇵

📈 GBPJPY → Breaking the psychological level. What's next, 215.0?

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GBPJPY is getting ready to break resistance (ATH for 15 years). In the long term, there is upside potential to 215.8. A strong bullish formation is forming on H4-D1

On the monthly timeframe, price is in the 195-215 range. Bulls kept the defense above the support, at the same time a pre-breakdown setup is forming on the chart, the focus of which is on the resistance at 200.6. The psychological level may be broken in the nearest future, which may provoke the market to active growth towards 202-205, further towards 215 (medium-term perspective).

Japanese Central Bank is not doing well, today we expect news in the US: CPI, FOMC and FED meeting, inflation data is expected to be neutral.

Resistance levels: 200.6

Support levels: 199.9

Technically and fundamentally, the currency pair has a strong bullish bias. If the bulls are able to consolidate above 200, this zone will become a strong support in the medium term.

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