GBP/JPY Price Analysis: Climbs, but buyers loom, targeting 191.00
- GBP/JPY nears week's highs, showing cautious uptrend despite lower high.
- Support at 190.96, resistance at 192.00 mark pivot points.
- Market eyes technical indicators, global economy for future direction.
The GBP/JPY posted decent gains of 0.17% on Friday amid a risk-on impulse following the release of market-moving economic data from the United States. Nonfarm Payrolls for March exceeded estimates, though they barely benefitted the US Dollar as witnessed by the GBP/USD. At the time of writing, the pair exchanges hands at 191.60 after hitting a low of 190.67.
GBP/JPY Price Analysis: Technical outlook
The pair finished the session near the mid-highs of the week but below the 192.00 figure. With he GBP/JPY achieving a lower high and low, the pair is slightly tilted to the downside, despite standing above the Ichimoku Cloud (Kumo).
Hence, the GBP/JPY first support would be the Senkou Span A at 190.96. A breach of the latter will expose the Kijun-Sen at 190.74, followed b the April 2 low of 190.03. Further downside is seen at the Senkou Span B at 189.38.
On the other hand, the first resistance would be the 192.00 mark. A breach of the latter will expose the 193.00 figure, followed by the year-to-date (YTD) high at 193.54.
GBP/JPY Price Action – Daily Chart
Author
Christian Borjon Valencia
FXStreet
Christian Borjon began his career as a retail trader in 2010, mainly focused on technical analysis and strategies around it. He started as a swing trader, as he used to work in another industry unrelated to the financial markets.
