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GBP/JPY extends decline near 202.20 in Tuesday’s early European session, down 0.45% on the day.  The cross keeps the negative stance on the 4-hour chart, with the bearish RSI indicator.  The key support level emerges at the 202.00 psychological mark; the upside barrier is seen at 203.16.  The GBP/JPY cross remains under some selling pressure around 202.20 on Tuesday during the early European session. The risk-averse environment and growing speculation that the Bank of Japan (BoJ) will hike next week support the Japanese Yen (JPY) and create a headwind for GBP/JPY. Technically, GBP/JPY maintains the bearish outlook unchanged on the 4-hour chart as it holds above the key 100-period Exponential Moving Average (EMA) as it holds below the key 100-period Exponential Moving Average (EMA). Additionally, the Relative Strength Index (RSI) stands in bearish territory below the 50-midline, suggesting extended losses cannot be ruled out.  The key support level will emerge at the 202.00 psychological mark. A decisive break below this level will pave the way to 201.14, a low of June 24. Further south, the next contention level is located at 200.48, a low of June 21.  On the upside, the immediate resistance level for the cross is seen at 203.16, a high of July 22. The crucial upside barrier to watch is the 204.00-204.10 region, representing the conference of the psychological level, 100-period EMA, and the upper boundary of the Bollinger Band.  GBP/JPY 4-hour chart Japanese Yen FAQs The Japanese Yen (JPY) is one of the world’s most traded currencies. Its value is broadly determined by the performance of the Japanese economy, but more specifically by the Bank of Japan’s policy, the differential between Japanese and US bond yields, or risk sentiment among traders, among other factors. One of the Bank of Japan’s mandates is currency control, so its…

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Filed under: News - @ July 23, 2024 6:26 am