Thursday, January 11, 2024 6:17 AM EST
GBPJPY has broken above the key resistance level at 184.30, indicating a bullish move. Further upside potential is expected after a minor consolidation. The next target for the pair is projected to be at 187.30, followed by the previous high resistance at 188.64. These levels could act as potential areas of resistance where the price may encounter selling pressure.
On the downside, the immediate support level is identified at 185.20. If the price breaks below this level, it could indicate a retracement or a pullback. In such a scenario, the price may retest the rising trend line on the 4-hour chart, which has been supporting the uptrend from 178.72. A break below the trend line support could potentially signal the completion of the uptrend and a shift in the market sentiment.
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