GBPJPY Chart Technical Outlook

GBPJPY Chart Technical Outlook set to rise on cautious UK optimism, upbeat market mood, bulls target 185.96.

The “dragon” is not spitting fire, but it is gaining ground. The current upbeat mood in markets is positive for the Pound, which is recovering from several blows last week. The cross is rising despite falling US yields, which limit USD/JPY and indirectly, also GBP/JPY. 

Unless US data is a total disaster, later on, I expect GBP/JPY to extend its gradual ascent. Resistance is at 185.96, followed by 186.82, the recent peak. Initial support is at 184.77, followed by 183.35 and then 181.76. The broad trend remains to the upside despite the recent drop and loss of the 4h-50 SMA.

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