GBPJPY Price Forecast: Will GBPJPY Break Above 192.00?
In recent days, the GBPJPY pair has shown signs of a potential bullish trend, bouncing off the uptrend line and currently hovering near the 192.00 mark. This movement indicates a shift in market sentiment, with buyers driving prices higher.
Technical Indicators Pointing Up
The stochastic oscillator is on the rise towards the overbought territory with strong momentum, while the RSI is aiming to increase its positive sentiment below the neutral threshold of 50. These indicators suggest a continuation of the upward trend in the short term.
If the price maintains its upward momentum, it could face immediate resistance at 193.55, close to the 20-day simple moving average (SMA). Further obstacles lie at the 200- and 50-day SMAs around 195.00 before reaching the crucial level of 199.70.
Potential Bearish Scenario
On the flip side, a bearish wave might prompt traders to challenge the short-term uptrend line at 188.90, followed by the 188.10 barrier. Below that, the bearish structure could find support at 183.70.
Overall, there is a possibility for GBPJPY to continue its upward trajectory, especially if it breaks above the resistance level at 195.00. Traders are advised to stay vigilant for any signs of a reversal in the market.
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