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
Nasdaq 100 Forms Bearish Flag Below 19,1...
March 31, 2025
Market Insights
Gold may halt rally after 8 Days of Buyi...
October 22, 2024
Market Insights
Dow Jones backslid another 150 points on...
November 21, 2024
Live Charts
US30 consolidates in a bearish pennant b...
August 04, 2025
Market Insights
Japanese Yen remains resilient against t...
March 07, 2025
Market Insights
Gold consolidates to build up momentum a...
April 30, 2025
Market Insights
