Market news
26.05.2023, 01:19

GBP/JPY Price Analysis: Bulls and bears go head to head at resistance

  • GBP/JPY bulls are in the market and eye breakout. 
  • Bears need to see the structures broken on the downside. 

GBPJPY has been riding trendline support in the upper end of a box as the following will illustrate: 

GBP/JPY H1 chart

A break of 172.00 needs to occur with 171.20s next in line as a potential target. On the flip side, the price could easily break higher and out of the resistance marked at 172.80. 

GBP/JPY daily charts

GBP/JPY monthly chart

GBP/JPY is on the approach to higher highs as per the monthly chart outlook with 174.80s and 175.00 eyed. 

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