GBP/JPY Price Analysis: Rallied for six straight days, bulls target 197.00

GBP/JPY rose more than 0.50% on Monday amid safe-haven peers’ depreciation.
The uptrend is set to continue above 196.00, with key resistance at 197.92 and above 200.00.

Christian Borjon Valencia FXStreet

The Pound Sterling climbed for the sixth consecutive day versus the Japanese Yen amid a risk-on impulse. Safe-haven currencies remained the laggards during the session as investors braced for the release of US inflation data. The GBP/JPY trades at 196.16, virtually unchanged.

GBP/JPY Price Analysis: Technical outlook

The GBP/JPY has resumed its uptrend, breaching the first key resistance level seen at the Kijun-Sen at 195.26, which opened the door to reclaim 196.00. Worth noting that momentum favors a bullish continuation, as depicted by the Relative Strength Index (RSI).

With that said, if GBP/JPY edges toward the 197.00 psychological level and bears fail to step in, the next key resistance to emerge would be the April 26 high at 197.92. Once cleared, further upside is seen, with the year-to-date (YTD) up next at 200.59.

The other scenario would be if the cross-pair tumbled below 196.00, exacerbating a dip below the Kijun-Sen seen at 195.26, as sellers would set their sights at the Senkou Span A at 194.54. Once cleared, the next stop would be the Senkou Span B at 194.24, followed by the Tenkan-Sen at 193.81.

GBP/JPY Price Action – Daily Chart

GBP/JPY

Overview
Today last price	196.17
Today Daily Change	1.07
Today Daily Change %	0.55
Today daily open	195.1

Trends
Daily SMA20	193.67
Daily SMA50	191.97
Daily SMA100	189.28
Daily SMA200	186.52

Levels
Previous Daily High	195.34
Previous Daily Low	194.48
Previous Weekly High	195.34
Previous Weekly Low	191.73
Previous Monthly High	200.59
Previous Monthly Low	190
Daily Fibonacci 38.2%	195.01
Daily Fibonacci 61.8%	194.81
Daily Pivot Point S1	194.61
Daily Pivot Point S2	194.12
Daily Pivot Point S3	193.76
Daily Pivot Point R1	195.47
Daily Pivot Point R2	195.83
Daily Pivot Point R3	196.32

Author

Christian Borjon Valencia

FXStreet

Markets analyst, news editor, and trading instructor with over 14 years of experience across FX, commodities, US equity indices, and global macro markets.

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