GBPJPY: Can Bulls Keep the Rally Going?

by Justin Bennett  · 

February 26, 2024

by Justin Bennett  · 

February 26, 2024

by Justin Bennett  · 

February 26, 2024

GBPJPY has been tearing higher in 2024, gaining an impressive 1,200 pips year-to-date.

But can bulls keep this up?

Today’s video has all the answers, including 2024 targets and key levels to watch this week!

Let’s get started!

GBPJPY has pushed higher relentlessly since the start of 2024.

We’ve seen the pair gain an impressive 1,200 pips since January 2nd.

But is the uptrend likely to continue?

While nobody knows what’s next for GBPJPY or any market, the technicals show that this rally may not be finished just yet.

A look back to 2015 shows a macro high for GBPJPY at 195.84.

Given how close GBPJPY is to that significant resistance, a retest there in the coming weeks seems likely.

However, the market is approaching a resistance area near 191.75 which may attract sellers.

It’s a level that was critical for GBPJPY in July and August 2015 during what would become a multi-year top for the pair.

That said, shorts here are unfavorable while the pair is carving higher highs and lows.

Furthermore, the trend line from the 2024 open is intact as support and comes in near 190.30.

As long as GBPJPY is above that mark, I favor buying dips toward 191.75 with a sustained break above that exposing 195.00 – 196.00.

Alternatively, a sustained break below the 2024 trend line would expose 189.80 and 188.30, with the latter being a must-hold level for GBPJPY bulls.

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