We know of the USDJPYs move higher in early 2024 from earlier posts. That run higher has the USDJPY moving toward my upside target near the 145.00 area. The high price today has reached 144.794 so far.
The USDJPYs run to the upside is being mirrored in other JPY pairs like the GBPJPY.
Looking at the hourly chart of the GBPJPY, the price is recently breaking above its 50% midpoint of the move down from the November 2023 high to the December low at 183.48, and also the key 100-day MA at 183.55. That is a significant break that traders should respect.
If the price can stay above the close support at the 183.48 level that is the best-case scenario for more upside momentum. Alternatively, a break below that 183.48 level, and subsequent move below a lower swing area at 183.17 to 183.33, would likely see buyers turn to seller on the disappointment for further follow through buying.
Key break. We will no see if the buyers can keep the momentum going in the GBPJPY pair.
This article was written by Greg Michalowski at www.forexlive.com. Source