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

GBP/JPY

Overview
Today last price 191.29
Today Daily Change -0.64
Today Daily Change % -0.33
Today daily open 191.93
 
Trends
Daily SMA20 190.54
Daily SMA50 189.55
Daily SMA100 186.9
Daily SMA200 184.99
 
Levels
Previous Daily High 191.94
Previous Daily Low 190.43
Previous Weekly High 191.68
Previous Weekly Low 190.35
Previous Monthly High 193.54
Previous Monthly Low 187.96
Daily Fibonacci 38.2% 191.36
Daily Fibonacci 61.8% 191.01
Daily Pivot Point S1 190.93
Daily Pivot Point S2 189.92
Daily Pivot Point S3 189.41
Daily Pivot Point R1 192.44
Daily Pivot Point R2 192.95
Daily Pivot Point R3 193.95

 

 

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