GBP/JPY Eyes YTD High Near 200.00 as Bullish Momentum Builds

GBP/JPY Eyes YTD High Near 200.00 as Bullish Momentum Builds

The GBP/JPY pair regained traction early Thursday, trading close to 199.00, as dip-buyers stepped in around the 198.40-198.35 support zone, ending the prior session’s minor pullback. The bullish outlook remains intact with the pair appearing poised to retest the year-to-date high, just below the 200.00 psychological barrier.

Technical Setup Supports Bullish Outlook

The ascending trend channel, visible across the hourly and daily timeframes, indicates that the short-term uptrend remains well-established. Momentum oscillators also remain in positive territory and are still far from overbought, signaling continued buying interest without signs of exhaustion.

This technical alignment suggests the path of least resistance for GBP/JPY is to the upside.

Key Levels to Watch

• Immediate Resistance: 199.50
• Major Resistance / YTD High: Just below 200.00
• Key Support: 198.00, then 196.00
• Bearish Confirmation: A sustained break below 196.00

A Break Above 200.00 Could Extend the Uptrend

Should the bulls manage a decisive breakout above 200.00, which aligns with the upper boundary of the rising channel, GBP/JPY could enter a new bullish phase, possibly extending the three-month-long rally even further.