GBP/JPY works towards uptrend resumption [Video]

GBP/JPY surrounded by bullish vibes.

Christina Parthenidou XM

Could re-activate long-term uptrend.

Next resistance expected at 189.50.

GBP/JPY finally closed above the 188.25 region on Thursday, which had been keeping upside movements in control since mid-November, providing a ray of hope that the latest bullish race could pick up momentum.

The focus is now on the 189.50 area, where the resistance line from August is placed, as the positive slope in the technical indicators is currently favouring the buyers. A clear move above that bar could retest the ascending line from March at 191.00, while higher, the pair could challenge the critical resistance line from May 2021 around 193.35.

An immediate reversal to the downside could meet the 20-day exponential moving average (EMA) around 187.00. Slightly lower, the 50-day EMA at 185.55 could prevent the bears from reaching the 184.50 zone. If the latter point allows more declines, the next stop could be near the 183.35 restrictive territory.

Summing up, the latest upturn in GBP/JPY is expected to gain extra legs in the coming sessions, likely putting the market back into an uptrend in the long-term picture. In this case, it would be interesting to see if the pair can print a new higher high above the 189.50 zone.

Author

Christina Parthenidou

Christina joined the XM investment research department in May 2017. She holds a master degree in Economics and Business from the Erasmus University Rotterdam with a specialization in International economics.

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