GBP/JPY Price Analysis: Dipped Below 190.00 As Bears Regained Control
Image Source: Unsplash
- The GBP/JPY currency pair's descent under the 190.00 mark aligned with the broader downward trend.
- A pivotal close below the Feb. 29 low would open paths towards 188.73 Kijun-Sen structure and beyond.
- A recovery would hinge on reclaiming ground above the 189.00 mark, with resistance waiting at the 189.71 level and the early March highs.
The GBP/JPY currency pair fell for the fourth straight day late in the North American trading session, as the currency cross appeared set to finish the week with losses of 0.44%, below the 190.00 threshold. At the time of writing, the cross traded at around 188.98, down approximately 0.31%.
GBP/JPY Price Analysis: Technical Outlook
After diving below the Feb. 29 low of 189.04, the GBP/JPY duo tilted further to the downside. However, sellers would need to achieve a daily close below that level to test the Kijun-Sen formation at the 188.73 mark. Further losses could be seen at the 188.00 level, followed by the 50-day moving average (DMA) at the 187.47 mark.
On the other hand, if buyers could move in and the pair could print a close above the 189.00 mark, such a move could potentially sponsor a leg up. The first resistance would be the Tenkan-Sen formation at the 189.71 level, followed by the March 7 high at 190.14. The next ceiling level would be the March 4 high at 191.18.
GBP/JPY Price Action – Daily Chart
(Click on image to enlarge)
GBP/JPY Technical Levels
More By This Author:
Silver Price Analysis: XAG/USD Held Near Year-To-Date High Around $24.50
GBP/USD Price Analysis: Appreciates To Near 1.2810 Followed By December’s High
Silver Price Analysis: XAG/USD Shines Above $24.00 Fueled By Soft US Dollar
Disclaimer: Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only ...
more
Comments
