|

GBP/JPY Price Analysis: Faces pullback as rising wedge emerges despite bullish indicators

  • Despite technical indicators predicting further upside, GBP/JPY sees consecutive negative sessions; it currently trades at 173.44.
  • Potential pullback looms, with immediate support at the Tenkan-Sen line of 173.43 and further at 173.00.
  • For bullish continuation, GBP/JPY needs to claim the 174.00 mark.

GBP/JPY registers back-to-back negative sessions, sponsored by risk aversion; though technical indicators suggest further upside, price action means the rally is losing steam. As the Asian session begins, the GBP/JPY trades at 173.44, up a minuscule 0.01%.

GBP/JPY Price Analysis: Technical outlook

The GBP/JPY is upward biased thought; it could be subject to a pullback, as the GBP/JPY is forming a rising wedge. On the downside, prices remain capped by the Tenkan-Sen line at 173.43, which would act as immediate support, but with a decisive break below the latter, the GBP/JPY could dive towards the 173.00 figure. The following support would be the May 2 high at 172.33, followed by the Kijun-Sen line at 171.26.

The GBP/JPY must claim the 174.00 mark for a bullish continuation. A breach of the latter will expose the YTD high at 174.68, with buyers eyeing 2016 high at 177.37.

GBP/JPY Price Action – Daily chart

GBP/JPY Daily chart

GBP/JPY

Overview
Today last price173.43
Today Daily Change-0.21
Today Daily Change %-0.12
Today daily open173.64
 
Trends
Daily SMA20171.96
Daily SMA50168.75
Daily SMA100164.95
Daily SMA200164.54
 
Levels
Previous Daily High174.38
Previous Daily Low172.85
Previous Weekly High174.68
Previous Weekly Low172.53
Previous Monthly High174.28
Previous Monthly Low167.84
Daily Fibonacci 38.2%173.44
Daily Fibonacci 61.8%173.8
Daily Pivot Point S1172.87
Daily Pivot Point S2172.1
Daily Pivot Point S3171.35
Daily Pivot Point R1174.4
Daily Pivot Point R2175.15
Daily Pivot Point R3175.93

Author

Christian Borjon Valencia

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.

More from Christian Borjon Valencia
Share:

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

By subscribing you agree to our Terms and conditions.

Editor's Picks

EUR/USD flatlines below 1.1800 ahead of Fed Minutes

EUR/USD struggles to find direction and continues to move sideways below 1.1800 for the second consecutive day on Tuesday as markets remain in holiday mood. Later in the American session, the Federal Reserve will publish the minutes of the December policy meeting.

GBP/USD retreats to 1.3500 area following earlier climb

GBP/USD loses its traction and trades flat on the day near 1.3500 after rising to the 1.3530 area early Tuesday. Trading conditions remain thin ahead of the New Year holiday, limiting the pair's volatility. The Fed will publish December meeting minutes in the late American session.

Gold aims to regain the ground lost

Gold gathers recovery momentum and advances toward $4,400 on Tuesday after losing more than 4% on Monday. Increased margin requirements on gold and silver futures by the Chicago Mercantile Exchange Group, one of the world’s largest trading floors for commodities, prompted widespread profit-taking and portfolio rebalancing.

Tron steadies as Justin Sun invests $18 million in Tron Inc.

Tron (TRX) trades above $0.2800 at press time on Monday, hovering below the 50-day Exponential Moving Average (EMA) at $0.2859.

Economic outlook 2026-2027 in advanced countries: Solidity test

After a year marked by global economic resilience and ending on a note of optimism, 2026 looks promising and could be a year of solid economic performance. In our baseline scenario, we expect most of the supportive factors at work in 2025 to continue to play a role in 2026.

Crypto market outlook for 2026

Year 2025 was volatile, as crypto often is.  Among positive catalysts were favourable regulatory changes in the U.S., rise of Digital Asset Treasuries (DAT), adoption of AI and tokenization of Real-World-Assets (RWA).