GBPJPY Bullish Forecast with Key Levels: 195.10, 197.25, and 199.00 – January 6, 2025

The GBPJPY currency pair has shown a resurgence of bullish momentum, beginning the week on a positive note. On Friday, the pair failed to breach the 194.00 level, which has proven to be a strong support zone. This resilience is largely attributed to the consolidation of the 55-day Moving Average (MA55) near that level, offering substantial support against downward pressure.

In early trading today, the GBPJPY pair has started forming bullish waves, successfully surpassing the initial resistance barrier at 195.85. This movement reflects growing optimism among traders, with stochastic indicators further reinforcing the positive sentiment. The stochastic oscillator is currently generating bullish momentum, signaling a continued upward trajectory for the pair.

Given this setup, analysts anticipate that the GBPJPY could target the 61.8% Fibonacci correction level at 197.25 in the near term. A successful breach of this level is expected to pave the way for further gains, with the next target projected at 199.00.

Expected Trading Range for Today:

• Support: 195.10
• Resistance: 197.25

Trend Forecast: Bullish

This bullish outlook reflects growing confidence in the pair’s ability to sustain its upward momentum, supported by both technical indicators and the prevailing market sentiment.