GBP/JPY continues to climb into multi-one year highs, approaches 191.50

  • GBP/JPY bull flee takes the pair into its absolute most sensible bids since 2015.
  • Technical ceiling parked terminate to 196.00 at June 2015 high.
  • Japan National CPI due early Tuesday, anticipated to ease extra.

GBP/JPY is up over 6% YTD in 2024 because the pair continues to climb into multi-one year highs, and has reached its absolute most sensible bids since August of 2015 beautiful above the 191.00 handle.

This week sees a smattering of UK financial data on the calendar, but is precisely low-tier. Japan’s National Particular person Stamp Index (CPI) inflation figures are due early Tuesday, with Japanese Retail Replace numbers slated for Thursday.

Japan’s National CPI for the one year ended in January is broadly anticipated to reiterate the findings from the Tokyo CPI attain print as Japanese inflation continues to chill. Core National CPI is forecast to move to 1.8% YoY from the old interval’s 2.3%.

Early Thursday’s Japan Retail Replace is anticipated to rebound to 2.3% YoY when put next with the old 2.1%, but January’s Industrial Manufacturing is anticipated to decline sharply by 7.4% when put next with the old month’s 1.4% lengthen.

GBP/JPY is on immediate technique to 2015’s high bids terminate to 196.00, with prices above the 200.00 main mark level waiting beyond. GBP/JPY has no longer traded above 200.00 since 2008.

GBP/JPY technical outlook

GBP/JPY is up over 3% from February’s bottom bids at 185.23, and the pair is drifting into multi-one year peaks that whisk away the Guppy with few technical boundaries because the march up the charts continues.

A terminate to-term present zone is marked out between 190.50 and the 190.00 handle, and 190.00 remains a key technical barrier after previously capping intraday chart action following February’s earlier rejection from the dear level.

GBP/JPY has surged in 2024, hiking from January’s early bottom at 178.74, catching a bullish rebound from the 200-day Simple Shifting Sensible (SMA) within the technique, which is at this time rising thru the 183.00 handle.

GBP/JPY hourly chart

GBP/JPY day-to-day chart

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