GBP/JPY Price Analysis: Pound’s recovery is expected to find resistance at 190.75

The Sterling has trimmed some losses amid Yen weakness and upbeat UK manufacturing data
Failure to break above 190.75 would keep the bearish structure intact.
An AB=CD correction might push the pair to 189.70.

Guillermo Alcala FXStreet

The Sterling is moderately higher on Tuesday, favored by a somewhat weaker Yen, which suffers when US Treasury yields rise and the upbeat UK manufacturing figures. Bulls, however, are likely to be challenged at the 190.75 area.

GBP/JPY Price Analysis: Technical Outlook

The pair has completed a bullish cycle at 193.55 and is going through a corrective reversal with scope for further decline. Bears have been contained so far at the 61.8% Fibonacci retracement of the March rally, but a failure to return above 190.75 would keep the negative structure intact.

An AB=CD correction would push the pair through the 190.11 support area toward the 189.60 level. On the contrary. a confirmation above 190.75 and 1.91.50 would negate this view.

GBP/JPY 4-hour chart

GBP/JPY

Overview
Today last price	190.58
Today Daily Change	0.24
Today Daily Change %	0.13
Today daily open	190.34

Trends
Daily SMA20	190.45
Daily SMA50	189.42
Daily SMA100	186.83
Daily SMA200	184.91

Levels
Previous Daily High	191.36
Previous Daily Low	190.18
Previous Weekly High	191.68
Previous Weekly Low	190.35
Previous Monthly High	193.54
Previous Monthly Low	187.96
Daily Fibonacci 38.2%	190.63
Daily Fibonacci 61.8%	190.91
Daily Pivot Point S1	189.9
Daily Pivot Point S2	189.46
Daily Pivot Point S3	188.73
Daily Pivot Point R1	191.07
Daily Pivot Point R2	191.8
Daily Pivot Point R3	192.24

Author

Guillermo Alcala

FXStreet

Graduated in Communication Sciences at the Universidad del Pais Vasco and Universiteit van Amsterdam, Guillermo has been working as financial news editor and copywriter in diverse Forex-related firms, like FXStreet and Kantox.

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