The GBP/JPY cross holds positive ground near 200.00 during the early European session on Tuesday.
GBP/JPY hovers around 200.00 in Tuesday’s early European session. The cross keeps the positive stance above the 100-period EMA on the 4-hour chart, with a bullish RSI indicator. The first upside target is seen at 200.60; the initial support level is located at 199.40. The interest rate differential between the United Kingdom and Japan continued to undermine the Japanese Yen and create a tailwind for GBP/JPY.
The immediate upside target will emerge near the upper boundary of Bollinger Band at 200.60. A bullish breakout above this level will pave the way to the 201.00 psychological mark. On the flip side, the initial support level for the cross is seen near a low of June 3 at 199.40. The next contention level to watch is the lower limit of the Bollinger Band at 199.16. Further south, the key barrier is located at the 100-period EMA at 198.60. GBP/JPY Overview Today last price 200.
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