The GBPJPY currency pair increased to a level close to 186.20, reaching its highest point of the day and showing an increase of around 0.70%.

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• GBP/JPY rose to a daily high near 186.20, displaying nearly 0.70% gains.

The pair currently trades last at 186.205.

The previous day high was 185.33 while the previous day low was 184.35. The daily 38.2% Fib levels comes at 184.95, expected to provide support. Similarly, the daily 61.8% fib level is at 184.72, expected to provide support.

In Wednesday’s session, the GBP/JPY advanced to new cycle highs, near 186.20, mainly driven by the GBP’s strengths. The UK revealed higher-than-expected Consumer Price Index Figures from July, which boosted hawkish bets on the Bank of England (BoE) and British yields making the Pound gain interest. On the other hand, the Bank of Japan (BoJ) divergences against its peers, making the JPY weaker.

The British Consumer Price Index (CPI) declined to 6.8% YoY in July, as expected from its previous 7.9%. In addition, the Core CPI slightly accelerated to 6.9% YoY in the same month, above the expected 6.8% from its previous 6.9%. The Bank of England (BoE) tightening expectations continue to rise as a reaction. Instead of discounting a 5.75% at the start of the week, investors foresee a terminal rate of 6%, meaning an additional 75 basis points (bps) of tightening for this cycle. In that sense, the GBP got a boost and traded strongly against most of its rivals.

From a technical standpoint, the GBP/JPY maintains a bullish outlook for the short term, as observed on the daily chart. The Relative Strength Index (RSI) is comfortably positioned in the positive territory above its midline. It has a northward slope, complemented by a positive signal from the Moving Average Convergence Divergence (MACD), showing green bars, signalling a growing bullish momentum. Also, the pair is above the 20,100,200-day SMAs, implying that the bulls retain control on a broader scale.

Support levels: 184.00, 183.00, 182.15 (20-day SMA)

Resistance levels: 186.50, 187.00, 188.00.

Technical Levels: Supports and Resistances

GBPJPY currently trading at 186.22 at the time of writing. Pair opened at 184.94 and is trading with a change of 0.69 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 182.13, 50 SMA 181.31, 100 SMA @ 175.15 and 200 SMA @ 168.77.

The previous day high was 185.33 while the previous day low was 184.35. The daily 38.2% Fib levels comes at 184.95, expected to provide support. Similarly, the daily 61.8% fib level is at 184.72, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 184.42, 183.89, 183.43
• Pivot resistance is noted at 185.4, 185.85, 186.38

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