GBP/JPY Forecast: Gains Momentum Near 198.50 as Bullish Sentiment Holds
In the latest forex market news, the GBP/JPY currency pair moved higher on June 27, reaching close to the 198.50 mark during early European trading hours. This gain is supported by ongoing yen weakness and strong demand for the British pound in the currency trading market.
According to the GBP/JPY forecast, the pair remains in an uptrend. It is trading above the 100-day moving average, which signals strength. Also, the Relative Strength Index (RSI) is above 65, showing that buying interest is still strong. This adds to the pair’s bullish momentum.
The next important resistance is near 198.85. If buyers push the price above this, the pair could test the 200.00 level—a round number that also acts as a psychological resistance. If the rally continues, the next target might be around 200.75, which was last seen in May 2024.
On the downside, if the pair starts to correct, traders are watching the 196.95 support level. A break below that might bring further downside to 194.34 or even 193.60, near the 100-day moving average.
Impact:
If forex market trends stay strong, GBP/JPY might break above 200.00 soon. But any market pullback could lead to short-term dips before the uptrend possibly resumes.