GBPJPY makes a break to a new 2023 high | Forexlive

The GBPJPY is trading higher today and is one of the biggest movers. The pair is up 0.80% currently. That comes after an even better gain of 1.4% yesterday.

Looking at the daily chart, the buyers have been able to extend the price above the 38.2% retracement of the move down from the end of October high. That level comes in at 161.747. The high price has reached 162.165 today. Stay above now, is more bullish.

The high from December 28 at 162.329 is the next upside target. Move above that level and traders will start to target the 200 and 100 day moving averages on the daily chart.. Those levels come in at 163.21 and 163.50 respectively.