GBP/JPY Price Analysis: Hovers at around 186.30s awaiting fresh data
- GBP/JPY trades flat around 186.31, within today's 186.18/186.77 range.
- Facing resistance at Tenkan-Sen (186.89), with 187.00 as next upside target.
- Crossing above 187.73 from last Friday could aim for 188.00 resistance.
- Dropping below this week’s low of 186.14 eyes 186.00, then Senkou Span A (185.36) and early February's 185.22 low.
The GBP/JPY is virtually unchanged during the North American session, with the pair consolidating within a tight 186.18/186.77 range on Tuesday. At the time of writing, the pair exchanges hands at 186.31.
The cross-pair trades directionless, awaiting fresh market data, capped on the upside by the Tenkan-Sen at 186.89, ahead of the psychological 187.00 figure. If buyers reclaim last Friday's high of 187.73, that would pave the way to challenge 188.00.
Conversely, if sellers drag the exchange rate below the current week’s low of 186.14, the next demand zone would be the 186.00 mark. If selling pressure extends below that area, the next support would be the Senkou Span A at 185.36, ahead of the February 1 low of 185.22. once those levels are cleared, 185.00 is up next.
GBP/JPY Price Action – Daily Chart
GBP/JPY Technical Levels
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.
