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. 

 

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

GBPJPY-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

 

 

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