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The GBP/JPY currency pair is consolidating between 195.73 and 198 due to the holiday mood. It reached a high of 198.95 and is currently trading around 197.53. The Potential Reversal Zone (PRZ) is set at 200.20, which means traders might expect a price reversal around that level.
In December 2024, Tokyo's core Consumer Price Index (CPI) rose by 2.4%, up from 2.2% in November. A big reason for this increase is a 13.5% rise in energy costs, compared to 7.4% in November. Processed food prices also increased by 4.0%, remaining steady from the previous month. The Core-Core CPI, which excludes fresh food and energy, rose by 1.8%, a slight decrease from 1.9% in November. These trends are significant since they can indicate future prices in Japan and are important for the Bank of Japan's interest rate decisions.
Technical Outlook for GBP/JPY
From a technical point of view, GBP/JPY is trading above both short-term and long-term moving averages, showing an overall upward trend. The immediate resistance level is at 198, and if it breaks above this level, it could rise to around 199, or even 200.20. On the downside, support is found at 196.50, with other important levels at 195.70/195, 194.10, and 193.
Trading Strategy Recommendations
Key indicators like the Commodity Channel Index (CCI) and Average Directional Index (ADX) suggest a mixed outlook. Given the current technical and fundamental situation, traders may consider buying on dips around the 197 mark, with a stop-loss set at about 196. The target for this trading strategy could be around 200.20.
