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The GBP/JPY showed a minor sell-off due to the strong yen. It hit a low of 197.80 yesterday and is currently trading around 198.43 The Potential Reversal Zone (PRZ) is identified at 200.20, and the pair has gained over 800 pips this month.
Investor sentiment in Japan is stabilizing, as hopes rise for the Liberal Democratic Party (LDP) to form a governing coalition despite recent election losses. In the October 27, 2024 elections, the LDP's seats fell from 247 to 191, and Komeito's dropped from 32 to 24. This has led to talks about creating a new coalition to regain governing power.
Technical Overview:
The GBP/JPY is above short-term and long-term moving averages, indicating a bullish trend.
Immediate resistance is 199.35; if broken, it could rise to 200.20.
Support is at 197.80, potentially dropping to 197.37, 196, or 195.40 if this level fails.
Indicator Analysis:
- CCI - is bullish and ADX - is neutral. Both show mixed trends.
Trading Recommendation: Consider selling if the price approaches 200, with a stop loss of around 202 and aiming for a profit target of 196
