Technical EYE (GBP/JPY): Gradually setting new highs, likely to remain firm

The story

GBP/JPY continues to gradually make higher highs, with the main scenario calling for a gradual advance while trading sideways. If it breaks above the 211.28 high on 18 September, the next levels in focus are the lower cloud boundary at 212.08, the upper cloud boundary at 213.36 and the ¥215 level. If a move above these levels becomes realistic, the pair may test successive layers of upside resistance.

In a downside scenario, the ¥210 level is the first target, followed by the conversion line at 209.58, the ¥208 level, the 208.20 low on 8 October and the 206.89 low on 30 September. A decline is expected to test these levels in sequence.

At a glance

HighsGBP/JPY has been gradually making new highs and is expected to remain firm.

First levelThe 211.28 high on 18 September is the first level.

Upside rangeThe key levels to test are 212.08, the lower boundary of the Ichimoku cloud, 213.36, the upper boundary, and the ¥215 psychological level.

On a declineDownside targets are ¥210, 209.58, ¥208 and 206.89.

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