GBP/JPY Price Analysis: Rebounds with buyers eyeing 188.00

GBP/JPY bounced off the current week's low of 186.02, climbing more than 100 pips above the 187.00 figure.
Bulls reclaiming the 187.00 figure, paving the way to test the YTD high, above the 188.00 mark.
If sellers achieve a daily close below 187.00, a pullback to Tenkan-Sen is on the cards.

Christian Borjon Valencia FXStreet

The GBPJPY snaps three days of losses after bouncing from daily lows reached at 186.24, remains above the 187.00 figure, exchanging hands at around 187.06, gains 0.11%.

On Thursday, the pair edged below the Tenkan-Sen level, last seen at 186.55, almost flat, hit a daily low, and since then, hasn’t looked back, as the cross-pair is set to extend its uptrend and challenge the year-to-date (YTD) high of 188.65. Nevertheless, buyers need to reclaim some resistance levels on their way north.

The GBP/JPY first resistance would be the 188.00 figure, followed by the YTD high, and then the November 19, 2015, swing high seen at 188.80.

The GBP/JPY first support would be the 187.00 mark for a bearish resumption. A breach of the latter will expose the Tenkan-Sen level at 186.55, followed by the 186.00 figure. If sellers drag prices below the latter, the Senkou Span A would be up next at 185.53, ahead of the 185.00 mark.

GBP/JPY Price Analysis – Daily Chart

GBP/JPY Technical Levels

Overview
Today last price	187.04
Today Daily Change	0.07
Today Daily Change %	0.04
Today daily open	186.97

Trends
Daily SMA20	186.31
Daily SMA50	183.76
Daily SMA100	183.51
Daily SMA200	176.96

Levels
Previous Daily High	187.54
Previous Daily Low	186.63
Previous Weekly High	188.67
Previous Weekly Low	184.47
Previous Monthly High	184.33
Previous Monthly Low	178.08
Daily Fibonacci 38.2%	186.98
Daily Fibonacci 61.8%	187.19
Daily Pivot Point S1	186.55
Daily Pivot Point S2	186.13
Daily Pivot Point S3	185.64
Daily Pivot Point R1	187.46
Daily Pivot Point R2	187.96
Daily Pivot Point R3	188.37

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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