The GBP/JPY pair is trading in an overall upward trend on the medium and long-term, forming higher highs confirming the bullish momentum and higher lows that maintain the bullish trend.
The pullback occurring in this pair is considered corrective for the upward trend, and the level of 195.114 is considered as a potential bullish point for a renewed rise to continue the upward trend and target 197.796.
On the other hand, the level of 194.056 represents the last higher low, and a break below it, forming a new low on the 4-hour chart, would indicate a shift in trend from bullish to bearish, thus invalidating the positive scenario mentioned above.
The pullback occurring in this pair is considered corrective for the upward trend, and the level of 195.114 is considered as a potential bullish point for a renewed rise to continue the upward trend and target 197.796.
On the other hand, the level of 194.056 represents the last higher low, and a break below it, forming a new low on the 4-hour chart, would indicate a shift in trend from bullish to bearish, thus invalidating the positive scenario mentioned above.
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