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GBP/JPY Triggers Recovery, Eyes More Upside

GBP/JPY Triggers Recovery, Eyes More Upside

GBP/JPY outlook for the cross remains higher having triggered a strong recovery on Tuesday. We look for more strength to occur towards the 194.00 level. On the upside, resistance lies at the 195.00 level followed by the 196.00 level where a break will aim at the 197.00 level. A cut through here will aim at the 198.00 level. Further out, the 197.00 level comes in as the next resistance. Its daily RSI has turned higher supporting this view. On the downside, support comes in at the 192.00 level where a violation will aim at the 191.00 level. A break below here will target the 190.00 level followed by the 189.00 level. All in all, the cross remains biased to the upside on correction

GBP/JPY Daily Chart

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