GBP/JPY Price Analysis: Retreats below 192.00 on soft UK PMIs, intervention threats
- GBP/JPY falls to 191.65, cautious after missing week's high, affected by weak UK services data.
- Further decline risk, with support at Tenkan-Sen, Senkou Span A.
- Japanese intervention concerns limit movement, market awaits new direction signals.
The Pound Sterling lost some ground against the Japanese Yen late in the North American session on Thursday, amid a risk-off impulse, following softer-than-expected UK Services PMI figures. At the time of writing, the GBP/JPY trades at 191.65, losing 0.12%.
GBP/JPY Price Analysis: Technical outlook
After bouncing off two-week lows of 190.03, the GBP/JPY registered back-to-back bullish sessions but failed to extend beyond 192.24, the current week's high. If buyers had reclaimed 192.50, that would’ve sponsored a move to 193.00, but intervention threats by Japanese authorities keep traders cautious.
On the other hand, Thursday’s price action witnessed the pair dipping toward 191.59, which could open the door to extend its losses past the Tenkan-Sen at 191.14. Once surpassed, the GBP/JPY next stop would be the Senkou Span A at 190.94, followed by the Kijun-Sen at 190.74. Further weakness could drive price action to April’s low of 190.03.
GBP/JPY Price Action – Daily Chart
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.
