GBP/JPY Price Analysis: Remains on the defensive despite reclaiming 185.00

GBP/JPY bounces off the daily low, but it remains trading in the red by 0.31%.
Bulls would regain control once they reclaim 186.00.
A bearish resumption would happen if GBP/JPY falls below 185.00.

Christian Borjon Valencia FXStreet

GBP/JPY recovered some ground, but it remains trading with losses of 0.31%, late in the North American session, due to risk-off impulse as investors slashed bets the US Federal Reserve would cut rates as aggressively as traders expected. The cross-pair is trading at 185.86 after hitting a daily high of 186.54.

The pair dipped to a nine-day low at 185.08 before bouncing off those lows but it is hovering around the 185.80s area. That said, Monday’s price action is forming a hammer, which implies the GBP/JPY could retest higher prices. The first resistance would be the 186.00 figure, followed by the Tenkan-Sen at 186.86. Once cleared, the next resistance would be 187.00.

On the other hand, a bearish resumption could happen if GBP/JPY sellers drag prices below 185.00. That would pave the way to test the Kijun-Sen at 184.71, followed by a support trendline at around 184.25/35, before falling to the 184.00 mark.

GBP/JPY Price Analysis – Technical Outlook

GBP/JPY Technical Levels

GBP/JPY

Overview
Today last price	185.92
Today Daily Change	-0.75
Today Daily Change %	-0.40
Today daily open	186.67

Trends
Daily SMA20	186.57
Daily SMA50	183.98
Daily SMA100	183.62
Daily SMA200	177.2

Levels
Previous Daily High	187.52
Previous Daily Low	186.2
Previous Weekly High	188.53
Previous Weekly Low	186.2
Previous Monthly High	188.67
Previous Monthly Low	182.75
Daily Fibonacci 38.2%	186.7
Daily Fibonacci 61.8%	187.02
Daily Pivot Point S1	186.07
Daily Pivot Point S2	185.47
Daily Pivot Point S3	184.74
Daily Pivot Point R1	187.4
Daily Pivot Point R2	188.12
Daily Pivot Point R3	188.72

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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