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GBPJPY: Bullish, Price Momentum Builds Up On 195.83 Level

GBPJPY: Having GBPJPY closed higher the past week, risk of further bullishness remains on the cards. This if seen will allow the cross to target the 195.83 level, representing its year-to-date high. Further out, resistance lies at the 197.00 level followed by the 198.00 level where a break will aim at the 199.00 level. A cut through here will aim at the 200.00 level with a break through here opening the door for more strength towards the 198.50 level. Its weekly RSI is bullish and pointing higher suggesting further strength. On the downside, support comes in at the 193.50 level where a violation will aim at the 193.00 level. A break below here will target the 192.00 level followed by the 191.00 level. All in all, the cross remains biased to the upside in the medium term.

GBPJPYWeekly

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