GBPJPY Targets New Highs Following Bullish Impulse

GBPJPY has been maintaining its upward momentum since the start of the year, with the price surging to a seven-year high of 172.31 on the previous Tuesday. However, the price action experienced a pullback towards the previous dynamic trendline that coincided with the 61.8% Fibonacci level, finding support at around the 168.000 level. This support level led to the formation of a new bullish impulse in the price action, suggesting that the upward trend could continue.

Based on this analysis, our idea is to take a bullish stance on GBPJPY, with a target price of 172.500. The bullish momentum seems to be intact, and we believe that the price action has the potential to extend its gains further in the near future.

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The GBP/JPY bulls continued to dominate and drove the currency pair to a fresh intraday peak of 170.5600. As a result, our outlook for this pair remains highly optimistic and bullish.

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Despite a decline from its daily high of 171.07, the GBP/JPY maintains its earlier gains amid risk aversion leading to a surge in demand for safe-haven currencies and boosting the Japanese Yen (JPY). The pair is currently trading at 170.50, up 0.11% from its opening price.