GBP/JPY Price Analysis: Bulls ready to test 186.00 in the short term

GBP/JPY pair trades nearly flat at 185.58 as risk aversion strengthens the USD/JPY pair, indirectly softening the Yen against most G8 currencies.
Technical analysis shows the pair with an upward bias, facing next resistance at the August 30 high of 186.06 and a year-to-date high at 186.76.
Short-term hourly chart suggests a sideways but slightly upward tilt, with crucial support and resistance levels identified at 185.17 and 186.19, respectively.

Christian Borjon Valencia FXStreet

The Pound Sterling (GBP) gained ground against the Japanese Yen (JPY) amid risk aversion, which triggered flows toward the safe-haven status of the Greenback (USD). Hence, strength in the USD/JPY pair weighed on the JPY, which remained soft against most G8 currencies. The GBP/JPY exchanges hands at 185.58, almost flat as the Asian session begins.

GBP/JPY Price Analysis: Technical outlook

The daily chart portrays the pair as upward biased, though it still needs to clear the next resistance seen at the August 30 high at 186.06. An upside break would expose the year-to-date (YTD) high of 186.76 before the GBP/JPY tests 187.00. Conversely, downside risks emerge at the Tenkan-Sen line at 184.70, followed by the Senkou Span at 184.14. Once that area is cleared, the pair’s next stop would be the Kijun-Sen line at 183.58.

In the short term, the GBP/JPY hourly chart portrays the pair as sideways, though slightly tilted upwards. If the pair breaks the August 30 high of 186.06, the R1 daily pivot would be the next resistance at 186.19. A breach of the latter would expose the YTD high at 186.76, shy of the R2 pivot point at 186.84. On the downside, the first support would be the confluence of the daily pivot and the Senkou Span A at 185.17, followed by the psychological 185.00 figure.

GBP/JPY Price Action – Hourly chart

GBP/JPY

Overview
Today last price	185.61
Today Daily Change	0.71
Today Daily Change %	0.38
Today daily open	184.9

Trends
Daily SMA20	184.66
Daily SMA50	183.02
Daily SMA100	177.97
Daily SMA200	170.07

Levels
Previous Daily High	185.09
Previous Daily Low	183.85
Previous Weekly High	186.07
Previous Weekly Low	183.54
Previous Monthly High	186.77
Previous Monthly Low	180.46
Daily Fibonacci 38.2%	184.61
Daily Fibonacci 61.8%	184.32
Daily Pivot Point S1	184.14
Daily Pivot Point S2	183.37
Daily Pivot Point S3	182.9
Daily Pivot Point R1	185.38
Daily Pivot Point R2	185.85
Daily Pivot Point R3	186.61

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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