GBP/JPY Price Analysis: Climbs above 185.50 as rising wedge looms

GBP/JPY breaks above Tuesday’s high as the uptrend gathers steam.
On the upside, key resistance levels lie at 186.00 and the YTD high.
If the cross-pair drops below 184.70, downside risks emerge below 184.00.

Christian Borjon Valencia FXStreet

The GBP/JPY reverses its course after posting decent losses of 0.20% on Tuesday and has risen past yesterday’s high of 185.46, as buyers target the current week’s high of 185.95. At the time of writing, the cross-pair is trading at 185.57 for a gain of 0.22%.

Even though the uptrend remains intact, price action seems overextended, though, in the short term, GBP/JPY buyers could challenge the 186.00 figure, ahead of testing the year-to-date (YTD) high of 186.77. Nevertheless, it should be said the Ichimoku Cloud (Kumo) is horizontal, indicating the uptrend might be losing steam.

In that scenario, if GBP/JPY dives below the November 6 low of 184.68, the next support would be the 184.00 mark. Once cleared, the Tenkan-Sen would be up next at 183.36, followed by the Kijun-Sen at 182.76.

GBP/JPY Price Chart – Daily

GBP/JPY Technical Levels

GBP/JPY

Overview
Today last price	185.53
Today Daily Change	0.59
Today Daily Change %	0.32
Today daily open	184.94

Trends
Daily SMA20	182.91
Daily SMA50	182.9
Daily SMA100	182.85
Daily SMA200	174.83

Levels
Previous Daily High	185.47
Previous Daily Low	184.65
Previous Weekly High	185.02
Previous Weekly Low	180.77
Previous Monthly High	184.33
Previous Monthly Low	178.08
Daily Fibonacci 38.2%	184.96
Daily Fibonacci 61.8%	185.16
Daily Pivot Point S1	184.57
Daily Pivot Point S2	184.2
Daily Pivot Point S3	183.76
Daily Pivot Point R1	185.39
Daily Pivot Point R2	185.84
Daily Pivot Point R3	186.21

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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