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Technical Analysis – GBPJPY remains bullish as rally continues

GBPJPY continues its rally and rose for a fifth consecutive day to reach 193.30 early on Wednesday. The immediate bias remains to the upside as the tenkan-sen line is rising and is above the kijun-sen line. The RSI is above 50 and is not quite overbought yet so there is room for further upside.

The outlook is bullish as long as support holds at 190.21 in case of prices falling back down. The rising Ichimoku cloud highlights the underlying bullish market structure. To the upside, the market would target psychological levels of 195 and 200.

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