GBP/JPY Price Analysis: Climbs to YTD high above 184.00 amidst a soft JPY

GBP/JPY reached a new YTD high above 184.00.
A favorable technical setup, including the Ichimoku Cloud (Kumo) position and a Tenkan-Sen/Kijun-Sen crossover, supports a bullish outlook.
If the GBP/JPY retraces below 183.00, it might witness an accelerated pullback towards technical support at 182.32 and 182.00, with Kumo’s top and the Kijun-Sen providing subsequent support levels.

Christian Borjon Valencia FXStreet

Pound Sterling (GBP) extended its gains against the Japanese Yen (JPY) on Thursdays, as the latter weakened as inflation in the United States (US) decelerated, though it triggered a rally in the USD/JPY pair. Consequently, the GBP/JPY printed a new year-to-date (YTD) high of 184.24. At the time of writing, the GBP/JPY exchanges hands at 183.44, up 0.34%.

GBP/JPY Price Analysis: Technical outlook

The GBP/JPY resumed its uptrend, despite dipping towards the 183.40s area as of writing, sponsored by several factors. The Ichimoku Cloud (Kumo) remains below the price action, while the crossover of the Tenkan-Sen above the Kijun-Sen, opened the door for further upside, as seen during Thursday’s session.

For the GBP/JPY to extend its uptrend toward the 185.00 figure, buyers must reclaim 184.00, followed by the YTD high of 184.24. Conversely, if GBP/JPY continues to edge lower and breaks below 183.00, that could exacerbate the pullback. Hence, the GBP/JPY first support would be the Tenkan-Sen at 182.32, followed by a support trendline at around 182.00. Break below will expose the Kumo’s top at 180.60/75, followed by the Kijun-Sen at 180.27.

GBP/JPY Price Action – Daily chart

GBP/JPY

Overview
Today last price	183.52
Today Daily Change	0.71
Today Daily Change %	0.39
Today daily open	182.81

Trends
Daily SMA20	181.55
Daily SMA50	180.47
Daily SMA100	174.22
Daily SMA200	168.43

Levels
Previous Daily High	183.02
Previous Daily Low	182.37
Previous Weekly High	183.25
Previous Weekly Low	180.46
Previous Monthly High	184.02
Previous Monthly Low	176.32
Daily Fibonacci 38.2%	182.77
Daily Fibonacci 61.8%	182.62
Daily Pivot Point S1	182.44
Daily Pivot Point S2	182.08
Daily Pivot Point S3	181.79
Daily Pivot Point R1	183.1
Daily Pivot Point R2	183.39
Daily Pivot Point R3	183.75

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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