GBPJPY Chart Technical Outlook overnight data boosts the cross Japan posted stronger than expected Gross Domestic Product data (GDP). This has failed to stall the rally in the cross, with GBP/JPY trading to the highest level in 91 months. The ILO UK employment data also gave the cross a boost this morning.
From a technical perspective, I am finding it difficult to analyse. With bespoke support located close to the previous swing high of 182.96, I would look for downside corrections to be caught within this zone. To the upside, we have a 261.8% extension level located at 187.22.
The next substantial data report is the UK inflation on Wednesday morning. For now, the trend is your friend.
