GBP/JPY was largely flat on Thursday, trading slightly below trendline resistance at 192.70. Bears need to protect this ceiling tooth and nail; any lapse could spark a move towards the 2024 highs at 193.55. On further strength, a jump towards the psychological 195.00 mark cannot be ruled out.
On the other hand, if the pair gets rejected from its current position and pivots to the downside, support stretches from 190.60 to 190.15, where a rising trendline converges with the 50-day simple moving average and April’s swing lows. Additional losses below this floor could reinforce bearish impetus, opening the door for a drop towards 187.90.
On the other hand, if the pair gets rejected from its current position and pivots to the downside, support stretches from 190.60 to 190.15, where a rising trendline converges with the 50-day simple moving average and April’s swing lows. Additional losses below this floor could reinforce bearish impetus, opening the door for a drop towards 187.90.
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The price approaches the Resistance zone and bears down as a strategy
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