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Closing Price Has Sustained above the 200.00 Level, which Will Confirm a Future Upward Trend
Economic
Forex
Summary:
The British pound's robust performance has led to a strong showing for the GBPJPY, which is currently trading near the 200.00 level. Investors are awaiting the release of preliminary key data on the UK's second-quarter GDP.
Buy
CLOSEDGBPJPY
End Time
199.927
Entry Price
204.140
TP
197.000
SL
198.555 +0.060 +0.03%
1276
Points
Loss
197.000
SL
198.651
CLOSING
199.927
Entry Price
204.140
TP
Fundamentals
During Wednesday's European trading session, the GBPJPY maintained its bullish momentum after breaching the psychological barrier of 200.00. The pair's upward trajectory was fueled by the release of the UK's three-month labor market data for June on Tuesday.
The report indicated that the unemployment rate remained stable at 4.7%, aligning with expectations. Furthermore, average earnings, excluding bonuses, increased by 5%, consistent with both forecasts and prior releases.
Looking ahead, investors will be closely monitoring the UK's preliminary second-quarter GDP and manufacturing data for June, scheduled for release on Thursday. Economists anticipate minimal economic expansion in the UK during the final quarter of the year, with GDP growth projected at 0.1%, down from 0.7% in the first quarter.
Concurrently, the Japanese yen has underperformed, driven by investor skepticism regarding the Bank of Japan's potential for further rate hikes this year. The summary of opinions from the Bank of Japan revealed that officials remain concerned about the economic outlook, particularly in light of potential U.S. tariffs, despite the recent trade agreement between Japan and the U.S.
Technical Analysis
Following a breach of the 200.00 level, the GBPJPY has extended its recent rally, climbing from 195.00 to approximately 200.28. The asset maintains a bullish bias, underpinned by robust support at its 20-day SMA, currently trading around 198.18.
The Relative Strength Index has advanced to the 65.00 range. Further upward momentum is anticipated if the indicator sustains above this level.
A sustained break above the psychological 200.00 threshold could propel the asset towards the July 23, 2024 high of 203.16 and 204.14.
Conversely, a breach of the May 6 low at 190.33 would expose the March 11 low of 188.80, followed by the February 7 low of 187.00.
Trading Recommendations
Trading Direction: Buy
Entry Price: 198.00
Target Price: 204.14
Stop Loss: 197.00
Valid Until: August 28, 2025 23:55:00
Support: 199.00, 198.56, 198.03
Resistance: 199.98, 200.55, 200.72
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