GBP/JPY Price Analysis: Climbed, But Buyers Targeted 191.00

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  • The GBP/JPY currency pair hovered near the week's highs on Friday, as it displayed a cautious uptrend despite recording lower highs.
  • Support was seen at the 190.96 level, while resistance was seen at the 192.00 mark.
  • The market seemed to focus on technical indicators, while many looked to the global economy for future direction.

The GBP/JPY currency pair posted decent gains of 0.17% on Friday amid a risk-on impulse following the release of market-moving economic data from the United States. Nonfarm Payrolls for March exceeded estimates, though they barely benefited the US dollar, as witnessed by the GBP/USD currency cross. At the time of writing, the pair was seen exchanging hands at around 191.60 after hitting a low of 190.67.

GBP/JPY Price Analysis: Technical Outlook

The currency pair finished the session near the mid-highs of the week, but below the 192.00 figure. As the GBP/JPY duo achieved a lower high and low, the pair appeared to be slightly tilted to the downside, despite standing above the Ichimoku Cloud (Kumo) formation.

Hence, the GBP/JPY pair's first line of support would be the Senkou Span A at the 190.96 level. A breach of the latter would expose the Kijun-Sen structure at the 190.74 level, followed by the April 2 low of 190.03. Further downside could be seen at the Senkou Span B at the 189.38 mark.

On the other hand, the first resistance would be found at the 192.00 mark. A breach of the latter would expose the 193.00 figure, followed by the year-to-date high at 193.54.

GBP/JPY Price Action – Daily Chart

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GBP/JPY Technical Levels

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