GBPJPY Targets New Highs Following Bullish Impulse

May 5, 2023

GBPJPY has been maintaining its upward momentum since the start of the year, with the price surging to a seven-year high of 172.31 on the previous Tuesday. However, the price action experienced a pullback towards the previous dynamic trendline that coincided with the 61.8% Fibonacci level, finding support at around the 168.000 level. This support level led to the formation of a new bullish impulse in the price action, suggesting that the upward trend could continue.

Based on this analysis, our idea is to take a bullish stance on GBPJPY, with a target price of 172.500. The bullish momentum seems to be intact, and we believe that the price action has the potential to extend its gains further in the near future.

May 8, 2023

Trade active

The GBP/JPY bulls continued to dominate and drove the currency pair to a fresh intraday peak of 170.5600. As a result, our outlook for this pair remains highly optimistic and bullish.

May 9, 2023

Trade active

Despite a decline from its daily high of 171.07, the GBP/JPY maintains its earlier gains amid risk aversion leading to a surge in demand for safe-haven currencies and boosting the Japanese Yen (JPY). The pair is currently trading at 170.50, up 0.11% from its opening price.