GBPJPY Chart Technical Outlook heads north on a non-stop journey, better to catch it at the next stop*
GBP/JPY broad bias is bullish. It has traveled north by more than 15% of its value since late March without any significant correction and printing six consecutive months in green.
Can it go higher? On the monthly chart, it has more room for the upside. The monetary policy divergence between the BOE and the BoJ supports the bullish side.
The gloomy outlook about UK economic health and the rhetoric about Japan’s intervention could stall the rally, alongside the overbought conditions and the expected end-of-quarter rebalancing flow.
There are no signs of corrections yet, but traders need to be more cautious.
Resistances: 183.25, 183.90
Supports: 181.80, 180.00