GBP/JPY Price Analysis: Hovers nearby weekly highs as bulls loose steam

Despite a brief touch at 183.01, the GBP/JPY remains anchored below the 183.00 psychological resistance.
Key resistance lies at last week’s high of 183.24, and surpassing this could put YTD high of 184.01 into focus.
Support levels to watch include the August 9 low at 182.36, Tenkan-Sen at 181.82, and an established support trendline from April's lows around 180.80/95.

Christian Borjon Valencia FXStreet

GBP/JPY consolidates around the weekly highs of 182.70s and prints a small candlestick, suggesting the uptrend is losing steam, despite reaching a fresh weekly high of 183.01. However, as the Asian session began, the GBP/JPY exchanged hands at 182.69, well below 183.00, after the Tenkan-Sen crossed above the Kijun-Sen level.

GBP/JPY Price Analysis: Technical outlook

From a technical perspective, the GBP/JPY remains neutral to upward bias but must reclaim the last week’s high of 183.24 to threaten the year-to-date (YTD) high of 184.01. Even though the bullish cross of the Tenkan-Sen above the Kijun-Sen portrays the GBP/JPY as bullish, further confirmation is expected.

Otherwise, if GBP/JPY dives below the August 9 low of 182.36, it would exacerbate a pullback towards the top of the Ichimoku Cloud (Kumo). The GBP/JPY’s first support would be the Tenkan-Sen at 181.82, followed by a support trendline drawn from the lows of April, at 180.80/95, before slumping towards the Kijun-Sen at 180.15, inside the Kumo.

GBP/JPY Price Action – Daily chart

GBP/JPY

Overview
Today last price	182.71
Today Daily Change	-0.07
Today Daily Change %	-0.04
Today daily open	182.78

Trends
Daily SMA20	181.4
Daily SMA50	180.28
Daily SMA100	174
Daily SMA200	168.36

Levels
Previous Daily High	182.96
Previous Daily Low	181.39
Previous Weekly High	183.25
Previous Weekly Low	180.46
Previous Monthly High	184.02
Previous Monthly Low	176.32
Daily Fibonacci 38.2%	182.36
Daily Fibonacci 61.8%	181.99
Daily Pivot Point S1	181.79
Daily Pivot Point S2	180.81
Daily Pivot Point S3	180.22
Daily Pivot Point R1	183.37
Daily Pivot Point R2	183.95
Daily Pivot Point R3	184.94

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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