GBPJPY – probe above pivotal 200DMA is generating initial signal of bullish continuation
GBPJPY rose to one-month high on Monday and generated initial signal of bullish continuation on probe above the top of month-long range (192.16) reinforced by 200DMA.
Firm break here to confirm signal and open way for fresh upside, with immediate target at 194.10 (50% retracement of 208.11/180.09 downtrend), violation of which to unmask next barriers at 197.00 zone.
Improving daily studies (Tenkan-sen / Kijun-sen bull-cross / strong positive momentum) contribute to brightening outlook, but reaction on 200DMA will key factor.
Caution on failure to clear 200DMA which would signal a false break higher and keep the price in extended sideways mode.
Res: 193.25; 194.10; 195.86; 196.92
Sup: 192.16; 191.33; 190.79; 189.60
