GBPJPY Chart Technical Outlook

GBPJPY Chart Technical Outlook remains biased higher, with 183.20 likely to offer strong resistance

The GBP/JPY is expected to maintain its bullish bias with the Pound appreciating on the back of dovish Fed comments, while the Yen remains weak, amid the ultra-loose BoJ stance.

Comments from diverse Fed officials suggesting that the higher US yields are likely to help bring inflation to target have cooled off expectations of another rate hike, which has boosted the GBP/USD.

With the Yen unable to capitalize on USD strength, the pair is likely to remain bid, although the escalating tensions in the Middle East might hit risk appetite, providing some support to the safe-haven JPY.

Technical indicators remain bullish although the resistance area above 183.00, where the 4h 200 SMA meets trendline resistance might be a tough level to breach. Above here, the next resistance is 184.39.

Support levels are 181.50 and 180.30.

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