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GBPJPY Ticks Up in BoE Aftermath

  • GBPJPY pauses its slide from a fresh 8½-year high
  • Broader long-term uptrend remains in place
  • RSI and MACD soften but remain positive

GBPJPY has been in a prolonged uptrend since early 2023, posting a fresh 8½-year high of 188.91 on January 19 before experiencing a setback. However, in the past couple of sessions, the pair managed to halt its decline in an attempt to move back higher towards its recent multi-year peak.

Considering that the short-term oscillators remain tilted to the upside, the price could revisit the 8½-year high of 188.91. Surpassing that zone, the pair might challenge the 190.00 psychological mark. Conquering this barricade, the bulls could then aim for the June 2015 peak of 195.87.

On the flipside, if the rebound falters, the recent support of 185.21 could act as the first line of defence. A violation of that zone could pave the way for the September-October support of 180.80. Failing to halt there, the pair may decline towards the December bottom of 178.33.

In brief, GBPJPY managed to stop its short-term retreat and is now trading in breathing distance from its 8½-year high of 188.91. Nevertheless, the momentum indicators are not yet confirming the prospect of fresh higher highs.

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