Forex Chart Of The Day: GBPJPY Breaks July Highs

The price of GBPJPY has traded through July highs, showing that the upward trend is not at an end. Could the price continue to trade higher?

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GBPJPY Analysis

The price of GBPJPY has broken through key highs, this is despite the BoJ members talking of an intervention. The strength meter for this week showed the bullish reversal in the GBP and the JPY continuing to weaken. With the price breaking into new highs we could see further buying pressure with upward targets of 168.00 and 169.00.

The price chart shows a consolidation building on the 1hr time frame after the price broke the highs. If this continues we could look for the price to trade above this consolidation which could invite buyers to trade higher. 

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About The Author

Jonathan Kibbler

Jon Kibbler, our Senior Market Analyst, boasts over a decade of trading experience. He specializes in dissecting the intricacies of financial markets and sharing his expertise with precision. Jon’s insights have been featured at renowned events and platforms like Coindex, Forex Analytix, and Forex.com.

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