GBP/JPY Price Analysis: Rebounds from weekly lows, eyes 186.30s

GBP/JPY halts its bearish momentum, but downside risks remain if it fails to conquer the Tenkan-Sen.
A ‘tweezers-bottom’ candlestick chart pattern is forming; further upside expected?
Buyers failure to conquer 186.00, could exacerbate a drop toward the 184.50 area.

Christian Borjon Valencia FXStreet

GBP/JPY snaps four days of losses, climbs 0.31% in the late Tuesday North American session, and exchanges hands at around 186.00 after bouncing from daily/weekly lows reached at 184.45.

The GBP/JPY daily chart portrays the pair as neutral biased, as the slope of the Tenkan and Kijun-Sen shifted flat, which could open the door for range-bound trading. On the upside, the pair’s first resistance would be the Tenkan-Sen at 186.37, followed by the 187.00 figure, ahead of the year-to-date (YTD) high at 188.24.

On the other hand, if GBP/JPY drops below the Kijun-Sen at 184.52, that would pave the way to test the Senkou Span B at 183.15, followed by the bottom of the Ichimoku Cloud (Kumo) at 181.75.

GBP/JPY Price Analysis – Daily Chart

GBP/JPY Technical Levels

GBP/JPY

Overview
Today last price	186.01
Today Daily Change	0.49
Today Daily Change %	0.26
Today daily open	185.52

Trends
Daily SMA20	184.62
Daily SMA50	183.21
Daily SMA100	183.17
Daily SMA200	176.07

Levels
Previous Daily High	186.79
Previous Daily Low	184.63
Previous Weekly High	188.29
Previous Weekly Low	185
Previous Monthly High	184.33
Previous Monthly Low	178.08
Daily Fibonacci 38.2%	185.46
Daily Fibonacci 61.8%	185.97
Daily Pivot Point S1	184.5
Daily Pivot Point S2	183.48
Daily Pivot Point S3	182.34
Daily Pivot Point R1	186.66
Daily Pivot Point R2	187.81
Daily Pivot Point R3	188.83

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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