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British Pound / Japanese Yen

GBPJPY Eyes Stability as BoJ Plans More Rate Hikes

By FxNews-me
Updated
Fxnews—The immediate support is at 198.45. A new consolidation phase could potentially form if GBP/JPY closes below 198.45.

If this scenario unfolds, the price could dip to the 23.6% Fibonacci retracement level at 197.3, supported by the 100-period simple moving average.
Note
The GBP/JPY currency pair began the consolidation phase, which resulted in the price moving sideways.

> Immediate support: 197.3
> Immediate resistance: 200.0

A close below the immediate support would trigger the consolidation phase to aim for the 195.75 mark.

Conversely, the bullish trend (primary trend) will be triggered if bulls close and stabilize above the 200.0 mark.
Trade active
The GBP/JPY pair dropped below immediate support. As a result, a new bearish wave was triggered, which could lead prices to target 195.75.
Chart PatternsGBPJPYgbpjpyanalysisgbpjpyforecastgbpjpysignalgbpjpysignalsgbpjpytechnicalgbpjpytechnicalanalysisTechnical IndicatorsTrend Analysis
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