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.
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
Author
Christian Borjon Valencia
FXStreet
Christian Borjon began his career as a retail trader in 2010, mainly focused on technical analysis and strategies around it. He started as a swing trader, as he used to work in another industry unrelated to the financial markets.
