GBP/JPY: Sets Up For Further Recovery

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GBPJPY – With the cross reversing its Wednesday losses on Thursday to close higher, further upside is now envisaged.

In such a case, resistance comes in at the 173.13 level where a break will open the door for additional gains towards the 174.00 level.

Further out, resistance stands at the 174.84 level and then the 175.50 level. Its daily RSI is bullish and pointing higher supporting this view.

On the downside, support is located at the 171.93 level where a break will aim at the 170.00 level followed by the 169.49 level. A cut through here if seen will target the 168.63 level and then the 168.00 level. All in all, the cross remains biased to the upside in the long term.

GBPJPU

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