GBP/JPY Price Analysis: Hits eight-year high, erases earlier gains and clings to 188.00

GBP/JPY fluctuates, impacted by Japanese CPI and weak UK retail sales; currently at 188.11.
Bullish bias persists, but a close below 188.22 may trigger retracement towards 187.00 and potential support levels.
Break above 188.00 sets the stage for further gains, targeting YTD high at 188.92 and potentially reaching 190.00.

Christian Borjon Valencia FXStreet

GBP/JPY seesaws late in the North American session but is down 0.05% so far after trading within a 150 pips range courtesy of CPI data from Japan and weaker retail sales from the UK. Therefore, the pair traveled within its daily and eight-year high and low of 188.92/187.40 before settling at current exchange rates. At the time of writing, the cross trades at 188.11.

From a technical standpoint, the pair remains bullishly biased, but a daily close below January’s 18 one at 188.22 could initially open the door for a retracement toward the 187.00 figure. Further downside sentiment could drag the GBP/JPY exchange rate towards the Tenkan-Sen at 185.84 before challenging the Senkou Span A at 184.74.

On the contrary, a daily close above 188.00 could pave the way for further upside, with the year-to-date (YTD) high in place at 188.92, ahead of 189.00. Further upside is seen once those levels are cleared on its way to 190.00.

GBP/JPY Price Action – Daily Chart

GBP/JPY Technical Levels

GBP/JPY

Overview
Today last price	188.14
Today Daily Change	-0.04
Today Daily Change %	-0.02
Today daily open	188.18

Trends
Daily SMA20	183.15
Daily SMA50	184.15
Daily SMA100	183.52
Daily SMA200	180.56

Levels
Previous Daily High	188.2
Previous Daily Low	187.32
Previous Weekly High	186.17
Previous Weekly Low	182.76
Previous Monthly High	187.52
Previous Monthly Low	178.35
Daily Fibonacci 38.2%	187.86
Daily Fibonacci 61.8%	187.66
Daily Pivot Point S1	187.6
Daily Pivot Point S2	187.03
Daily Pivot Point S3	186.73
Daily Pivot Point R1	188.48
Daily Pivot Point R2	188.77
Daily Pivot Point R3	189.35

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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