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

GBP/JPY hovers around 191.00, with trading subdued due to the Easter holiday.
Technical indicators show potential for movement, with key levels at 191.57 and 190.74, marking immediate targets.
Future direction hinges on breaking 192.00 resistance or 190.00 support.

Christian Borjon Valencia FXStreet

On Friday, the GBP/JPY remained steady at around 191.00, almost flat, as the financial markets remained closed in observance of the Easter holiday. In the meantime, Fed Chair Jerome Powell crossed the newswires, saying that monetary policy is well placed to react to a range of different data paths.

GBP/JPY Price Analysis: Technical outlook

The daily chart suggests the GBP/JPY is trading sideways, capped on the upside by the Tenkan-Sen at 191.57. Since the pair fell below the latter, the exchange rate has remained beneath the 191.40 area, which has opened the door for further downside.

A push below 191.00 could pave the way for a deeper pullback. The next support would be the Kijun Sen at 190.74, followed by the March 25 wing low of 190.33. A breach of the latter would expose the next support level at 190.00.

On the other hand, if GBP/JPY stays afloat and rallies above the Tenkan-Sen, that would open the door to challenge 192.00. Further gains are seen above that level, with the 193.00 mark, followed by the current year-to-date (YTD) high of 193.53.

GBP/JPY Price Action – Daily Chart

GBP/JPY

Overview
Today last price	191.08
Today Daily Change	0.04
Today Daily Change %	0.02
Today daily open	191.04

Trends
Daily SMA20	190.43
Daily SMA50	189.32
Daily SMA100	186.73
Daily SMA200	184.83

Levels
Previous Daily High	191.33
Previous Daily Low	190.57
Previous Weekly High	193.54
Previous Weekly Low	189.54
Previous Monthly High	191.33
Previous Monthly Low	185.23
Daily Fibonacci 38.2%	190.86
Daily Fibonacci 61.8%	191.04
Daily Pivot Point S1	190.63
Daily Pivot Point S2	190.22
Daily Pivot Point S3	189.87
Daily Pivot Point R1	191.39
Daily Pivot Point R2	191.74
Daily Pivot Point R3	192.15

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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