GBPJPY has made a notable surge, scaling up from 178.72 right up to 188.90, and breaking past the previously set resistance at 188.64.
However, we’ve started to see a pullback from this spire at 188.90, indicating that the uptrend might temporarily be consolidating. The upshot? Range trading is anticipated between 187.00 and 188.90 in the next few days.
Nonetheless, optimism isn’t entirely off the table. Given the pair remains within the rising price channel on its 4-hour chart, the upward trend could be set to continue. If prices manage to storm past the 188.90 resistance level, we could see GBPJPY striving to reach the next resistance set around the 190.00 mark.
The caveat? A break below the channel support would be a red flag signaling the possible completion of this uptrend.