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GBP/JPY to enjoy considerable gains towards the 163.91 mark – Credit Suisse

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The GBP/JPY go is basing out, reinforcing the case for similarly yen weakness. Economists at Credit Suisse assume the pair to grind greater toward the 163.91 mark.

Broken 156.62/06 highs to preserve the downside
“GBP/JPY these days executed a near-term base above 152.86 and has consequently surged higher, breaking above the 156.08/156.62 highs of 2018 and the preceding 2021 high.”

“With a most important base already mounted in February 2021, we appear for a pass to subsequent resistance at 159.80, then 163.91.”

“The damaged 156.62/06 highs need to now ground the market over the medium-term.”

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