• GBP/JPY trades around an all-time high at 186.77.
• Bullish sentiment could drive the pair to new highs around 187.00.
• Nine-day EMA could be a key support lined up with the 23.6% Fibo level.

GBP/JPY marked an all-time high at 186.77 in the early trading hours of the Asian session on Tuesday. Spot price is trading around 186.50 at the time of writing. The pair retreats from the all-time high as it appeared to be a barrier. A break above that level could help the GBP/JPY pair to explore further highs around the 187.00 psychological level.

The Moving Average Convergence Divergence (MACD) line indicates the buying bias in the pair as it stays in the positive territory of the centerline and stays above the signal line. The 14-day Relative Strength Index (RSI) remains above 50, which confirms a bullish sentiment of GBP/JPY buyers.

The GBP/JPY pair could face immediate support around the nine-day Exponential Moving Average (EMA) at 185.24 aligned to 23.6% Fibonacci retracement at 184.30.

A break below the latter could help the sellers to navigate the area around 184.00 psychological level, followed by the 21-day EMA at 183.86