GBP/JPY Price Analysis: Dips below 190.00 as bears regain control
- GBP/JPY's descent under the 190.00 mark aligns with a broader downward trend, eyeing further technical levels.
- A pivotal close below the February 29 low could open paths towards 188.73 Kijun-Sen and beyond.
- Recovery hinges on reclaiming ground above 189.00, with resistances waiting at 189.71 and the early March highs.
The GBP/JPY fell for the fourth straight day late in the North American session, set to finish the week with losses of 0.44%, below the 190.00 threshold. At the time of writing, the cross trades at 188.98, down 0.31%.
GBP/JPY Price Analysis: Technical outlook
After diving below February 29 low of 189.04, the GBP/JPY has tilted to the downside, but sellers need to achieve a daily close below that level, so they test the Kijun-Sen at 188.73. Further losses are seen at 188.00, followed by the 50-day moving average (DMA) at 187.47.
On the other hand, if buyers move in and the pair prints a close above 189.00, that could sponsor a leg up. The first resistance would be the Tenkan-Sen at 189.71, followed by the March 7 high at 190.14. the next ceiling level would be the March 4 high at 191.18.
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.
