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GBP/JPY extending the upside in bullish territory

FXStreet (Guatemala) - GBP/JPY is trading at 183.23, up 0.76% on the day, having posted a daily high at 183.45 and low at 181.51.

GBP/JPY has been extending its gains on the 183 handle with a well bid tone on the back of a hugely bearish outlook for the Japanese currency. The BoJ have put out many signals that they are indeed seeking a weaker currency and their aggressive rhetoric and action of late sees the pair take flight despite the UK’s disinflationary statistics of late. 188.00, September 2008 business and close to S3, is a target that is now fully exposed here considering the bullish environment for this cross with little signs of momentum slowing up.

GBP/JPY noteworthy levels

With spot trading at 183.23, we can see next resistance ahead at 183.36 (Daily Classic R3), 184.07 (Weekly Classic R2), 188.31 (Weekly Classic R3). Support below can be found at 182.77 (Daily Classic R2), 182.57 (Hourly 20 EMA), 182.31 (Daily Classic R1) and 181.87 (Weekly Classic R1).

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