GBP/JPY surged past 194.00 mark , next hurdle now lies at 195.00

GBP/JPY registered gains on Monday attributing to a weaker Yen and a higher than expected UK PMI data. The recent Flash UK PMI survey suggested that private sector output growth climbed to a six-month high spurred on by a rebound in the service sector. As the private sector picked up momentum, it provides some relief to UK's finance minister Rachel Reeves before she presents the annual budget.
GBP/JPY sticks to its positive bias on Tuesday testing the psychological resistance of 195.00. At the time of writing, the pair trades at 194.48 sustaining well above the 200 day Simple Moving Average. Intraday momentum largely remains bullish preparing the buyers to test the key resistance of 195.00. Relative Strength Index indicates there is more room for the upside.
On the flip side, if the selling pressure is too strong, the prices may fall back towards 194.20 and 193.00 mark.
Technical Structure: Strong bullish candle on Daily, Above 20 SMA on Daily, Consolidation on 4H & 1H.
Primary Trend: Uptrend
Intraday Trend/ Intraday Strategy: Bullish/ Buy on Support, Buy on Breakout
Major Support: 193.00, 192.25, 190.80
Major Resistance: 195.00, 196.60, 197.45
Recent News
The Nasdaq tumbled due to Heavy losses h...
April 22, 2025
Market Insights
Gold struggles for direction as firmer U...
August 06, 2025
Market Insights
Natural Gas 4-Hour Chart – Ascending Cha...
February 11, 2025
Market Insights
Nasdaq 100 Approaching Key Support Zone...
March 13, 2025
Market Insights
Gold drifted lower on growing optimism f...
May 20, 2025
Market Insights
US Tech 100 Eyes Fresh Breakout Above 23...
July 29, 2025
Market Insights