GBPJPY - BULLISH BIASSymbol - GBPJPY
GBPJPY has broken the structure of its recent local downtrend amid continued weakness in the Japanese yen. This shift opens the door for a potential continuation of the broader bullish trend.
The yen continues to lose value, while the British pound remains on an upward path. A breakout above local trend resistance is taking shape, strengthening the overall bullish market structure. The key support zone is 203.50 – 203.26 Holding steady above this zone would confirm sustained buyer momentum and could set the stage for further upside. If bulls manage to defend 203.50, the likelihood of an extended rally increases.
Resistance levels: 204.06, 205.32
Support levels: 203.52, 203.26
A strong battle between buyers and sellers is developing around the 203.50 level. Continued consolidation above 203.00 underscores the importance of this zone. The current bias favors the bulls - maintaining price action above 203.50 would support additional gains, while a break below this area could trigger a pullback toward support.
