GBP/JPY Price Analysis: Falls toward 189.00 after breaking below nine-day EMA
- GBP/JPY could navigate the support region around the five-month low at 187.05.
- The 14-day RSI remains below the 50 level, indicating strengthening bearish momentum.
- The immediate resistance appears at the nine-day EMA of 190.69.
GBP/JPY extends its decline for the second consecutive day, trading around 189.30 during Asian hours on Thursday. A daily chart analysis suggests that the currency cross remains within a descending channel pattern, signaling a continued bearish bias.
The 14-day Relative Strength Index (RSI), a key momentum indicator, remains below the 50 level, reinforcing the bearish momentum. Moreover, the GBP/JPY cross continues to trade below the nine- and 14-day Exponential Moving Averages (EMAs), indicating weaker short-term price momentum.
Regarding its support, the GBP/JPY cross could navigate the region around a five-month low at 187.05, which was recorded on February 7, followed by the lower boundary of the descending channel around the 185.50 level.
On the upside, the GBP/JPY cross could test immediate resistance at the nine-day EMA of 190.69, followed by the 14-day EMA at 190.91. A break above these levels could weaken the bearish bias and support the currency cross to test the descending channel’s upper boundary at the 192.00 level.
A break above the channel would weaken the bearish bias and support the GBP/JPY cross to explore the area around the two-month high of 198.26.
GBP/JPY: Daily Chart
British Pound PRICE Today
The table below shows the percentage change of British Pound (GBP) against listed major currencies today. British Pound was the weakest against the Japanese Yen.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.07% | -0.08% | -0.81% | -0.03% | -0.28% | -0.29% | -0.17% | |
| EUR | 0.07% | -0.01% | -0.77% | 0.04% | -0.21% | -0.22% | -0.12% | |
| GBP | 0.08% | 0.01% | -0.74% | 0.06% | -0.20% | -0.21% | -0.09% | |
| JPY | 0.81% | 0.77% | 0.74% | 0.78% | 0.54% | 0.49% | 0.64% | |
| CAD | 0.03% | -0.04% | -0.06% | -0.78% | -0.25% | -0.26% | -0.14% | |
| AUD | 0.28% | 0.21% | 0.20% | -0.54% | 0.25% | -0.01% | 0.09% | |
| NZD | 0.29% | 0.22% | 0.21% | -0.49% | 0.26% | 0.01% | 0.12% | |
| CHF | 0.17% | 0.12% | 0.09% | -0.64% | 0.14% | -0.09% | -0.12% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the British Pound from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent GBP (base)/USD (quote).
Author
Akhtar Faruqui
FXStreet
Akhtar Faruqui is a Forex Analyst based in New Delhi, India. With a keen eye for market trends and a passion for dissecting complex financial dynamics, he is dedicated to delivering accurate and insightful Forex news and analysis.
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