GBP/JPY Price Analysis: Aims for year-to-date high as bulls take control

GBP/JPY sees a bullish continuation, testing the year-to-date high amid a weaker JPY and BoE tightening expectations.
A move past the YTD high could propel the pair toward the 175.00 supply zone and possibly a seven-year high.
Potential correction below the Tenkan-Sen line could hit support at 172.66 and drop towards the Kijun-Sen line at 171.26.

Christian Borjon Valencia FXStreet

GBP/JPY prints minuscule gains, with buyers eyeing a test of the year-to-date (YTD) high at 174.68 as the Asian session begins. On Wednesday, the GBP/JPY pair finished with gains of 0.42%, bolstered by a weaker Japanese Yen (JPY). Meanwhile, expectations for further tightening by the Bank of England (BoE) underpinned the Pound Sterling (GBP). Hence, the GBP/JPY exchanges hand at 174.28.

GBP/JPY Price Analysis: Technical outlook

GBP/JPY is set for a bullish continuation, as shown by the daily time frame. As the pair closes into the YTD high, price action turns choppy, which could open the door for a reversal, as the Tenkan-Sen line, at 173.59, is the closest to the current price action.

If GBP/JPY extends its gains past the YTD high, the next supply zone would be 175.00. A rally above that level could pave the way for the GBP/JPY to hit seven-year new highs and test the 2016 yearly high at 177.37.

Conversely, a fall below the Tenkan-Sen line and the GBP/JPY might correct lower. First, support would be found at the weekly low of 172.66. A breach of the latter will expose 2022 yearly high shifted support at 172.13, ahead of falling toward the 172.00 figure. Downside risks lie beneath that level, with the Kijun-Sen line at 171.26.

GBP/JPY Price Action – Daily chart

GBP/JPY

Overview
Today last price	174.33
Today Daily Change	0.85
Today Daily Change %	0.49
Today daily open	173.48

Trends
Daily SMA20	172.1
Daily SMA50	168.99
Daily SMA100	165.11
Daily SMA200	164.59

Levels
Previous Daily High	173.78
Previous Daily Low	172.68
Previous Weekly High	174.68
Previous Weekly Low	172.53
Previous Monthly High	174.28
Previous Monthly Low	167.84
Daily Fibonacci 38.2%	173.1
Daily Fibonacci 61.8%	173.36
Daily Pivot Point S1	172.85
Daily Pivot Point S2	172.21
Daily Pivot Point S3	171.75
Daily Pivot Point R1	173.94
Daily Pivot Point R2	174.41
Daily Pivot Point R3	175.04

Author

Christian Borjon Valencia

FXStreet

Markets analyst, news editor, and trading instructor with over 14 years of experience across FX, commodities, US equity indices, and global macro markets.

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