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- GBP/JPY uptrend appears to be overextended, with the next major target set at the 190.00 psychological level, a peak not seen since September 2008.
- A successful breach of 190.00 could open the path towards the September 2008 high of 198.34, potentially even the 200.00 mark.
- On the downside, initial support is today’s low of 186.04, followed by the Tenkan-Sen at 185.50, the Kijun-Sen at 184.52, and the Senkou-Span A at 185.01.
In the mid-North American session, GBP/JPY rallied and refreshed eight-year highs at around 188.28 on Tuesday, after economic data from the US sparked speculations the Federal Reserve wouldn’t tighten monetary policy any further. Investors see that as a green light to buy riskier assets, to the detriment of the safe-haven status of the Japanese Yen (JPY). The GBP/JPY trades at 188.08, up more than 2%
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