GBP/JPY Price Analysis: Bounces off two-week lows, buyers eye 188.00

GBP/JPY rebounds from low, buoyed by changing market sentiments and central bank rate speculations.
Break above Tenkan-Sen (187.72) may signal uptrend, eyeing recent high at 188.91, with 188.00 as pivotal.
Downside risks if below 186.51; potential supports at 185.77, key 185.00 level, and 184.47 low.

Christian Borjon Valencia FXStreet

The British Pound (GBP) pares earlier losses against the Japanese Yen (JPY) on Tuesday, even though data eased the pressure off the Bank of England (BoE) to keep interest rates higher. Therefore, the GBP/JPY cross-pair trades at 187.34 after hitting a daily low of 186.51.

From the daily chart perspective, the GBP/JPY is trading sideways just below the Tenkan-Sen level at 187.72 dot. If buyers lift the exchange rate above the Tenkan Sen, that will open the door to challenging the January 23 high at 188.91, but firstly they would need to reclaim 188.00. On the flip side, if sellers step in and drag prices below the January 30 low of 186.51, that will open the door to challenge the Senkou Span A level at 185.77, followed by the psychological 185.00 figure, ahead of the January 12 daily low of 184.47.

GBP/JPY Price Action – Daily Chart

GBP/JPY Technical Levels

GBP/JPY

Overview
Today last price	187.35
Today Daily Change	-0.08
Today Daily Change %	-0.04
Today daily open	187.43

Trends
Daily SMA20	185.73
Daily SMA50	184.33
Daily SMA100	183.77
Daily SMA200	181.3

Levels
Previous Daily High	188.3
Previous Daily Low	187.12
Previous Weekly High	188.92
Previous Weekly Low	187.12
Previous Monthly High	187.52
Previous Monthly Low	178.35
Daily Fibonacci 38.2%	187.57
Daily Fibonacci 61.8%	187.85
Daily Pivot Point S1	186.93
Daily Pivot Point S2	186.43
Daily Pivot Point S3	185.75
Daily Pivot Point R1	188.11
Daily Pivot Point R2	188.8
Daily Pivot Point R3	189.3

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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