- GBP/JPY up 0.43%, on track for weekly gain over 0.40% amid resilient buyer momentum.
- Pair nears June 17 high at 196.83; close above 197.00 could open path to 198.00.
- RSI remains bullish; downside risks emerge below 195.29 Tenkan-sen support.
The GBP/JPY recovers and rallies for the second straight day, is up 0.43%, trades at 196.59, shy of reclaiming the 197.00, poised to finish the week with gains of over 0.40%. Market mood remains sour, but it was not an excuse for buyers to lift the cross-pair to fresh three-day highs.
GBP/JPY Price Forecast: Technical outlook
The GBP/JPY pair remains consolidating, ahead of breaking the June 17 high of 196.83. A breach of the latter clears the path to test 197.00. If the pair prints a daily close above the latter, buyers could target 198.00 as they launch an assault to the yearly high of 198.24.
From a momentum standpoint, the Relative Strength Index (RSI) confirms that the GBP/JPY remains bullish and that buyers are gathering momentum.
For a bearish move, sellers must drag the pair below the Tenkan-sen at 195.29. On further weakness, the GBP/JPY could dive to 194.82, where the Senkou Span A lies, followed by the Kijun-sen at 194.35.
GBP/JPY Price Chart – Daily
