GBP/JPY – Bullish Continuation Scenario has 200 in Sight

GBP/JPY - Bullish Continuation Scenario has 200 in Sight

The GBP/JPY started the 6/2 European session with a bullish continuation signal.


The 4H chart shows that  after a slight correction from 190.71 at the end of last week, GBP/JPY found support at 188.48 to close the week. To start this week, the market respected the 188.48 low again. Note that this was a previous consolidation resistance now acting as support. This dynamic reflects a bullish market.

Also, the 4H candle that reflects the start of the European session is a bullish engulfer bouncing off of 189.00, another bullish continuation signal. The pressure is on the 190.71 high from last week, with risk of breaking through.

Let’s look at the monthly chart. Perhaps, in the short-term, we will see some resistance around 192.50, a previous support pivot in 2008. We can see in the monthly chart, that there aren’t any significant resistance factors between the 190.71 high and the psychological level of 200.

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Fan Yang has been a professional forex trader and analyst since 2007. He specializes in technical analysis and has a Chartered Market Technician designation since 2011. He was the chief technical strategist at CMSFX He was also the founder and chief currency strategist at FXTimes Over the years, Fan has not only been a trader and analyst but also an educator. As a proponent of both technical and fundamental analysis in trading, Fan advocates simplicity and discipline as key factors in making trading decisions when faced with so many "clues" and "signals". Currently Fan Yang is the chief currency analyst and webinar instructor at