GBPJPY Chart Technical Outlook

GBPJPY Chart Technical Outlook a clear move above 184.35 would increase bullish pressure

The Pound is trading higher on Wednesday’s European session to test a key resistance area at 184.35. A clear move above here would increase bullish momentum and shift the pair’s focus towards 185.80 and 187.45.

The Yen is on its back foot following weak Tokyo CPI figures released on Monday, although the market sentiment is frail, which acts as a headwind for the pair. Investors are on a cautious mood awaiting of the US Inflation reading which favours safe-havens like the JPY.

Technical indicators are positive and the bullish cross between the 4h 50 and 100 SMA gives reasons for buyers. Support levels are at 182.70 and 181.30.

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