GBP/JPY Technical Analysis for Traders: Key Levels and Targets

Tuesday, 16 July 2024, 06:42
The GBP/JPY daily outlook remains uncertain with a neutral bias. There is a possibility of further downward movement following a corrective fall from the recent short-term peak at 208.09. If the support at 201.69 is breached, the pair could target the 38.2% retracement level at 201.69. A rebound is anticipated from this key support level. However, a sustained break below 201.69 might indicate a larger correction phase is in progress.
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GBP/JPY Technical Analysis for Traders: Key Levels and Targets

GBP/JPY Daily Outlook

Intraday bias in GBP/JPY is currently neutral, with a possibility of extending the correction lower.

Key Levels:

  • Support: 201.69
  • Resistance: 206.35, 208.09

Forecast: A break below 201.69 could lead to further downside towards the retracement level.

If the price surpasses 206.35, the bias may shift towards retesting the recent high at 208.09.

This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.

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