GBP/JPY Price Analysis: Retreats from nine-year peak below 191.00

GBP/JPY retreats to 190.69, down 0.61%, missing the 194.00 psychological level.
Uptrend signaled, with 190.75 support possibly curbing losses.
Overcoming 191.00 resistance key to approach near 193.00 highs.

Christian Borjon Valencia FXStreet

The GBP/JPY retreats deeper below the 190.00 figure after hitting a 9-year high of 193.55, as buyers fail to push through the latter and aim toward the 194.00 mark. At the time of writing, the pair traded at 190.69, down 0.61%.

GBP/JPY Price Analysis: Technical outlook

Despite falling, the GBP/JPY remains upward biased despite posting losses. The confluence of the Tenkan and Kijun-Sen at 190.75 capped the pair’s slide, but downside risks remain. If sellers push the exchange rate below the latter, the pair could aim for 190.00. Further losses are seen below that level, as the 189.00 psychological figure would be up next.

However, the path of least resistance is upwards, and if they reclaim the 191.00 figure, look for further gains. The next resistance would be today’s high at 192.23, followed by the 193.00 mark.

GBP/JPY Price Action – Daily Chart

GBP/JPY

Overview
Today last price	190.72
Today Daily Change	-1.25
Today Daily Change %	-0.65
Today daily open	191.97

Trends
Daily SMA20	190.28
Daily SMA50	188.85
Daily SMA100	186.43
Daily SMA200	184.59

Levels
Previous Daily High	193.51
Previous Daily Low	191.85
Previous Weekly High	190.03
Previous Weekly Low	187.96
Previous Monthly High	191.33
Previous Monthly Low	185.23
Daily Fibonacci 38.2%	192.48
Daily Fibonacci 61.8%	192.87
Daily Pivot Point S1	191.38
Daily Pivot Point S2	190.78
Daily Pivot Point S3	189.71
Daily Pivot Point R1	193.04
Daily Pivot Point R2	194.1
Daily Pivot Point R3	194.7

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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