GBP/JPY Price Analysis: Consolidates around 191.00 amid thin liquidity conditions

GBP/JPY hovers around 191.00, reflecting market caution ahead of Japanese unemployment and industrial production updates.
Wall Street ends Q1 on a mixed note, with UK's recession confirmation and vigilance over JPY's weakness influencing sentiment.
Technical analysis suggests potential for movement if GBP/JPY breaches key levels, with 192.00 and 193.00 as notable targets.

Christian Borjon Valencia FXStreet

The GBP/JPY barely moved on Thursday amid thin liquidity conditions and is hovering around 191.00, virtually unchanged as Friday’s Asian session begins.

Wall Street posted a stellar first quarter of 2024, with the S&P 500 and the Dow Jones finishing in the green. The outlier was the Nasdaq Composite, which dropped 0.12% in the last trading day of Q1.

In addition, economic data from the UK showed that Britain’s economy hit a technical recession, as expected by the market consensus. In Japan, authorities remain vigilant about the Japanese Yen's (JPY) weakness, which sent the USD/JPY rallying near 152.00.

As the Asian session begins, the Japanese economic docket will reveal the unemployment rate for February, which is expected to remain at 2.4%. At the same time, Industrial Production figures for the same month are expected to rise from -6.7% MoM to 1.4%, while Retail Sales are foreseen to expand by 3%.

GBP/JPY Price Analysis: Technical outlook

The GBP/JPY is subdued as liquidity conditions tumble. If buyers regain control, they must push prices above the Tenkan-Sen level at 191.57, which could open the door to challenge 192.00. Further upside is seen at 193.00, followed by the year-to-date (YTD) high at 193.53

On the flip side, if the pair drops below 191.00, that would pave the way for further losses. The next support would be the Kijuin-Sen at 190.74, followed by the 190.00 mark.

GBP/JPY Price Action – Daily Chart

GBP/JPY

Overview
Today last price	191.06
Today Daily Change	-0.09
Today Daily Change %	-0.05
Today daily open	191.15

Trends
Daily SMA20	190.34
Daily SMA50	189.26
Daily SMA100	186.67
Daily SMA200	184.78

Levels
Previous Daily High	191.54
Previous Daily Low	190.51
Previous Weekly High	193.54
Previous Weekly Low	189.54
Previous Monthly High	191.33
Previous Monthly Low	185.23
Daily Fibonacci 38.2%	190.9
Daily Fibonacci 61.8%	191.15
Daily Pivot Point S1	190.6
Daily Pivot Point S2	190.04
Daily Pivot Point S3	189.57
Daily Pivot Point R1	191.62
Daily Pivot Point R2	192.1
Daily Pivot Point R3	192.65

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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